Republic of Serbia: Third Review under the Policy Coordination Instrument-Press Release; and Staff Report

International Monetary Fund

No 2019/369, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses the Republic of Serbia’s Third Review Under the Policy Coordination Instrument (PCI). Serbia is the second IMF member country to request a PCI and aims to maintain macroeconomic and financial stability, while advancing an ambitious reform agenda to foster rapid growth, job creation and improved living standards. All quantitative targets (QTs) for end-September 2019 were met. Most reform targets (RTs) have been implemented. The IMF Staff recommends completion of the third review under the Policy Coordination Instrument and establishment of end-September 2020 QTs. Fiscal policy is on track so far, however, it will be important to closely monitor 2019 budget implementation to ensure that the deficit stays within the program ceiling. While progress has been made in reforming the tax administration and strengthening public investment management frameworks, delayed reforms of the public wage system and public employment framework need to advance in 2020.

Keywords: ISCR; CR; inflation band; rate; exchange rate; government bond; current account; FDI inflow; executive board's decision; program implementation; management framework; support medium-term growth; Loans; Capital markets; Exchange rates; Global (search for similar items in EconPapers)
Pages: 64
Date: 2019-12-19
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