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15.10.2019. - 12:32

President Vučić meets the delegation of the International Monetary Fund

President of the Republic of Serbia Aleksandar Vučić met earlier today with the representatives of the International Monetary Fund headed by the Chief of Mission Jan Kees Martijn to discuss the third review under the Policy Coordination Instrument (PCI).

President Vučić thanked the Chief of Mission and the International Monetary Fund for the support and commitment to the implementation of reforms in Serbia and added that he expects the continuation of the successful cooperation. „Serbia is committed to further implementation of the economic reforms, the increase of GDP growth rates and improvement of the living standard of the Serbian citizens", emphasised President Vučić and added that the stability of public finances and economic growth and development remain to be vital for further economic growth. He accepted the critics of the IMF related to some public enterprises and said that profound reforms are required. 
 
The IMF Chief of Mission Martijn said that the economic result of Serbia is still very good, with the expectation that the GDP real growth will reach 3.5 per cent in 2019 and 4 per cent in the year 2020. 
 
He said that good fiscal results have continued during the first three quarters of the current year which reflects in the surplus recorded in the period from January to August 2019. 
 
During the meeting, the interlocutors agreed on the key parameters of the budget for the year 2020 which plans for the total fiscal deficit of 0.5 per cent of GDP. That level would provide the maintenance of fiscal discipline and further public debt decrease. 
 
A specific topic of the meeting was related to structural reforms and it was agreed that these reforms continue to advance. However, a stronger commitment is required for implementation in certain areas aimed at encouragement of the growth potential of Serbia and limitation of fiscal risks. 
 
The IMF representatives agreed that the Government of Serbia adopted the budget rebalance to include the additional capital consumption, one-off payment to pensioneers and increase of salaries in the public sector. They underlined that the authorities of Serbia - although these measures do not jeopardize the fiscal sustainability - should carefully observe the budget execution until the end of the year so as to ensure that the deficit stays within the limits stipulated by the programme. 
 
Introduction of the new fiscal rules for the period until 2021 was also tackled at the meeting, as these rules will serve to ensure the fiscal sustainability and preservation of the output that was not easy to achieve. 
 
 
VIDEO AND PHOTO MATERIAL CAN BE DOWNLOADED FROM THE FTP SERVER OF THE MINISTRY OF DEFENCE. 
 
Belgrade,
15th October 2019
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