Arrangement with IMF means more investments
BELGRADE - Serbia's new three-year arrangement with the International Monetary Fund (IMF) will increase competitiveness, boost Serbia's economy and ensure greater inflow of investments, Milivoje Miletic, acting president of the Serbian Chamber of Commerce, stated on Friday.
"I believe that this will be the role of the arrangement since it will provide additional motivation for partners to invest in Serbia in order to increase the technological capacity of our companies and the level of competitiveness," Miletic told reporters at the Serbian Chamber of Commerce.
After the talks that lasted for two weeks, Serbia and the IMF reached an agreement on a new three-year precautionary arrangement that envisages the possibility of withdrawal of around one billion euros, if the need arises, which will be enforced on January 1, 2015.
Over the last 15 years, Serbia had three arrangements with the IMF: two stand-by arrangements in 2001 and 2004, and a precautionary arrangement in 2009.
The last time the IMF Mission paid an official visit to Serbia was from February 26 to March 13, 2014.
The last arrangement between Serbia and the IMF was concluded late in September 2011, and it was frozen in February 2012 since the 2012 budget departed from the agreed fiscal program.
Photo Tanjug, Z. Zestic (archive)
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