Serbia sigen 1 billion euro agreement with IMF

The IMF agreed standby loan of about 1 billion euro aimed at underwriting Serbia’s economic stability and attracting much-needed foreign investment. After a previous IMF deal expired earlier this year, Serbian officials sought a new precautionary arrangement with the IMF, worried about the current financial turmoil on the markets. “The arrangement with the IMF will be a signal that the Serbian government and National Bank of Serbia will lead a responsible economic policy that will ensure macroeconomic stability in the country over the next 18 months,” Dusan Nikezic, State Secretary in the Finance Ministry, said on Wednesday. The 18-month deal is thus intended to send a positive signal to prospective investors concerning the safety of assets invested in the country. The Serbian delegation says it will not draw on the IMF money unless necessary but will keep it in reserve.