•                                                                     srpski

IMF Staff Concludes Visit to Serbia

February 4, 2019

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. This mission will not result in a Board discussion.
  • IMF mission assessed the Policy Coordination Instrument (PCI) implementation progress.
  • Serbia’s economic program continues to deliver strong results.
  • IMF mission advocates strengthening governance of public and state-owned enterprises.
  • IMF mission supports the authorities’ plan to privatize Komercijalna Banka and HIP-Petrohemija.

An International Monetary Fund (IMF) mission, led by James Roaf, visited Belgrade during January 29–February 5, 2019 to assess the 2018 outturn, discuss progress in implementation of commitments under the Policy Coordination Instrument (PCI),[1] and agree on policy priorities for 2019. A full mission for the second review under the PCI, combined with the 2019 Article IV Consultation, is planned for May. At the conclusion of the visit, Mr. Roaf issued the following statement:

“Serbia’s economic program continues to deliver strong results. At 4.4 percent, growth in 2018 was the fastest for over a decade. Annual inflation, at 2 percent in December, remains in the lower half of the target band. Fiscal performance has remained strong. The general government posted a fiscal surplus of 0.6 percent of GDP in 2018, consistent with PCI targets, and public debt declined to about 54 percent of GDP. Continued improvements in labor market participation have been supported by robust employment growth and declining unemployment.

“The mission supported the authorities’ plan to move forward expeditiously with the privatizations of Komercijalna Banka and HIP-Petrohemija. We also stressed the importance of advancing preparations to ensure the implementation of the new public wage system in 2020 and moving to a more flexible public employment framework. We discussed options to strengthen fiscal rules, including the re-introduction of pension indexation in 2020. We also emphasized the importance of strengthening the governance of public and state-owned enterprises to improve efficiency and the quality of public services. We supported the authorities’ ongoing efforts to improve the prioritization and appraisal of public investment.

“On a personal note, this was my final visit as IMF mission chief for Serbia. The next mission, planned for May, will be led by Mr. Jan Kees Martijn. I am extremely grateful for the authorities’ hospitality and close cooperation during the past 3½ years, and I congratulate Serbia on the very good progress made in macroeconomic stabilization, growth and job creation.”

[1] The Policy Coordination Instrument (PCI) is available to all IMF members that do not need Fund financial resources at the time of approval. It is designed for countries seeking to demonstrate commitment to a reform agenda or to unlock and coordinate financing from other official creditors or private investors.

IMF Communications Department

PRESS OFFICER: Gediminas Vilkas

Phone: +1 202 623-7100Email: MEDIA@IMF.org