Serbia, IMF start talks on new stand-by loan

Serbian officials started talks Monday with a delegation of the International Monetary Fund (IMF) about a possible new stand-by loan for the Balkans country, the government announced.

At the start of the meeting, Serbian Prime Minister Mirko Cvetkovic and IMF delegation chief Albert Jaeger agreed that “strict budgetary discipline, cost cutting at all government levels and the continuation of reforms are necessary in the coming period,” the statement said.

The IMF delegation will meet finance ministry officials to go over changes to the budget planned for September, it added.

Serbia hopes to come to an agreement with the IMF over a new stand-by loan of up to one billion euros (USD 1.4 billion).

An earlier stand-by loan worth EUR 3.0 billion expired in April.

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