Slovenija
Bosna i Hercegovina
Hrvatska
FinMin: Part of € 2.4 billion from IMF earmarked for crisis mitigation
Serbian Finance Minister Sinisa Mali said that, during the International Monetary Fund (IMF) Mission’s visit in October, it was agreed to replace the current Instrument for Policy Coordination with a two-year stand-by arrangement of a total value of approximately 2.4 billion euros, part of which will be directed to mitigating the consequences of the crisis, and part will serve as a measure of precaution in the event of further economic disturbances.
“This is support for the agreed economic program and for us it means preserving stability and additional security,” the Finance Ministry quoted Mali as saying.
The Minister added that the official confirmation of the IMF Board of Executive Directors on the approval of the previously agreed stand-by arrangement for Serbia is excellent news and represents the continuity of Serbia's cooperation with this important international institution.
Mali assessed that the IMF Board decision was expected after two weeks of talks with IMF experts in Belgrade, during which they were convinced of the state of Serbian public finances and Serbia’s determination to bring the reforms to an end.
The Minister said he appreciates the determination of the IMF to support Serbia during the current crisis, to support it in preserving the results achieved so far and encourage it to go through this, as he said, turbulent period as painlessly as possible.
The office of the National Bank of Serbia (NBS) confirmed that, at a meeting held on 19 December 2022, the IMF Executive Board approved to Serbia a 24-month Stand-By Arrangement (SBA) worth 290 percent of Serbia’s quota at the IMF, in support of the agreed economic program.
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