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IMF Approves €1.2Bln Arrangement for Serbia to Restore Economic Confidence

© AP Photo / Pablo Martinez MonsivaisInternational Monetary Fund
International Monetary Fund - Sputnik International
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The International Monetary Fund stated that a new three-year Stand-By Arrangement has been approved for Serbia to help restore confidence and stability to the country’s economy.

WASHINGTON (Sputnik) – A new three-year Stand-By Arrangement has been approved for Serbia to help restore confidence and stability to the country’s economy, The International Monetary Fund said in a statement.

“The Executive Board of the International Monetary Fund (IMF) today approved a three-year, SDR [Serbian Dinar] 935.4 million new Stand-By Arrangement for Serbia,” the statement, issued on Monday, said. “The Serbian authorities have indicated their intention to treat the program as precautionary.”

The program is geared toward restoring public financial health, stabilizing the financial sector, and creating structural reforms to create jobs and sustain high economic growth, according to the statement.

The Serbian economy continues to face serious fiscal imbalances and entrenched structural weaknesses, IMF First Deputy Managing Directing and Acting Chair David Lipton said.

The IMF is an international economic organization geared toward promoting global monetary cooperation, financial stability, international trade, low unemployment, sustainable economic growth, and the reduction of poverty everywhere, according to the IMF mission statement.

 

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