Serbia’s government agreed a 3.8 percent electricity price increase to comply with conditions set by the International Monetary Fund in return for a 1.2 billion euro ($1.34 billion)loan, Energy Minister Aleksandar Antic said on Wednesday.
“This is the smallest possible increase, half the amount the IMF asked for,” Antic told reporters. Last year’s 12 percent price hike was also short of the level demanded by the international lender.
In return for the precautionary loan, Serbia promised to streamline its public enterprises, including the public power utility, and make them profitable.
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