Agreement on the first audit of agreement with IMF reached

Serbia reached agreement on the first audit of the agreement with the International Monetary Fund (IMF) which its Executive Board should approve in late June, head of IMF Mission in Belgrade, Suzana Murgas said on Monday, May 11, 2015.

If the Executive Board at IMF approves agreement, Serbia will have EUR 146 m out of total loan of EUR 1,2 billion.

Apart from the fact that IMF increased previous forecast of economic growth of Serbia from minus 0,5%, to zero percent, representatives of the Mission said that also fiscal results in Q1 2015 were fully compliant with planned program.

In the first audit, they did not discuss salaries and pensions increase but Murgas outlined that all fiscal objectives set by the agreement remain unchanged.

They agreed with IMF that decision on electricity price increase is made in early June together with the restructuring plan of the Electric Power Industry of Serbia.

Murgas outlined that restructuring of state-owned companies and insurance of their financial sustainability are a key part of the program of refers and that it refers to EPS as well.