IMF approves Serbia new cooperation programme

The Instruments for policy coordination is a new IMF mechanism of support to the member countries. It is an advisory instrument and does not envisage any financial aid.

The IMF approved the new deal for 30 months and would check on the improvements every half a year.

The programme follows the precautionary standby arrangements which Serbia successfully finalised in February.

“It aims to sustain the macroeconomic and financial stability and to continue the structural and institutional reforms as an incentive for faster and comprehensive growth, creation of new jobs and the increase of living standard,” the NBS’ statement said.

The Board said Serbia successfully solved its macroeconomic imbalance and regained the trust, adding the country's economic prospects remained positive.

However, the Board added, Serbia was still under the influence of the regional and global economic movements and the instability of the international market.

The NBS warned that any delay in the implementation of the structural reforms, or any violation of the fiscal discipline could endanger the trust and reduce the chances of a mid-term growth.