Reuters AlertNet Lite - IMF, Serbia reach 27-month, 3 bln euro programme

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IMF, Serbia reach 27-month, 3 bln euro programme

26 Mar 2009 10:53:40 GMT
Source: Reuters

BELGRADE, March 26 (Reuters) - The International Monetary Fund said on Thursday it had agreed a 27-month, 3 billion euro programme with Serbia to help the Balkan nation as it cuts spending and seeks to maintain macroeconomic stability.

"Serbia's GDP growth is likely to be negative this year, with little prospect of recovery next year," the IMF said in a statement.

The world lender said a fiscal gap of 3.0 percent of GDP was the maximum Serbia could finance, while a sharp fiscal adjustment, including a wage and pension freeze in 2009 and 2010, would help Serbia attain a more balanced external position. (Reporting by Gordana Filipovic; Editing by Zoran Radosavljevic)

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