NBS: IMF Deputy Managing Director praises Serbia’s macroeconomic results

International Monetary Fund (IMF) Deputy Managing Director Bo Li commended Serbia for excellent implementation of the economic program and strong macroeconomic outturns, the National Bank of Serbia (NBS) announced on Thursday.

At the meeting with NBS Governor Jovanka Tabakovic and Serbian Finance Minister Sinisa Mali in Washington D.C, Bo Li congratulated on Serbia’s first investment grade rating at S&P Global Ratings, “which has been long deserved,” as he added, the press release says.

– Congratulations also on the successfully completed last review of the economic program supported by the IMF’s standby arrangement. Congratulations are in order also on the Policy Coordination Instrument intended for countries such as Serbia – countries with strong economic policies – said Bo Li, as announced by the NBS.

He, as said, also assessed that the cautious approach to monetary policy applied by the NBS “is appropriate in the current circumstances.”

Tabakovic pointed out that the recent rating upgrade was “yet another confirmation that the Serbian Government and the NBS have been responsibly pursuing economic policy,” the press release says.

Speaking of monetary and financial stability, Tabakovic, as said, among other things, stated that they had “lowered inflation to the target band”, that they continued to maintain the good capitalization and high liquidity of the environment in which banks and businesses operate, that banks’ NPLs were at a record-low level, that record-high FDI inflows continued and that FX reserves and dinar savings were record-high.

She added that, with the “Leap into the Future – Serbia Expo 2027” mega-project, they aimed to lend a further impetus to the economy, set an example for other countries of the region and be the hub of regional cooperation.

– In light of everything we have done, we expect the other two agencies, Fitch and Moody’s, to upgrade Serbia’s rating next year. The IMF is part of that success. After the inglorious termination of the arrangement with the IMF in 2011 and since we re-established our continuous cooperation, the IMF has been our most important external link, the most important piece of Serbia’s success puzzle, and our reliable partner – Tabakovic pointed out.

Vlada Republike Srbije

Ministarstvo finansija Republike Srbije

Narodna banka Srbije Beograd

Međunarodni monetarni fond-MMF Beograd

Government of Serbia

Ministry of Finance

National Bank of Serbia

International Monetary Fund

IMF

SP Global Ratings

Siniša Mali

Jorgovanka Tabaković

Bo Li

monetary policy

economic policy