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IMF Executive Board confirms new non-financial arrangement with Serbia

Belgrade, 9 December 2024

First Deputy Prime Minister and Minister of Finance Siniša Mali stated that the International Monetary Fund (IMF) Executive Board confirmed today in Washington a new non-financial arrangement for the next three years for Serbia, in the form of a Policy Coordination Instrument (PCI).

Following the official confirmation of the arrangement, Mali emphasised that it guarantees the continuation of reforms in Serbia, with the partner support of the international institution involved in the process from the outset.

The First Deputy Prime Minister explained that with the new arrangement, Serbia is committing to ensure that the fiscal deficit in the coming year will not exceed 3% of GDP, giving it room to continue large planned capital investments, with absolute further stability of public finances.

He emphasised that the new arrangement is non-financial, meaning that Serbia does not need to withdraw additional money. The PCI foresees the determination and publication of a comprehensive analysis of the pension system, with strict adherence to the set fiscal rules, a review of capital projects, an update of the energy investment plan and an analysis of the salary and employment structure at state institutions, Mali noted.

This is a great incentive for us to continue and confirmation that we are on the right track with credible partners, said Mali, adding that this is especially important in the coming years since Serbia is preparing to host Specialised Expo 2027 Belgrade, with approximately €17.8 billion planned to be invested in 323 projects throughout the country.