IMF again in Serbia between August 20th and 30th

Serbian Finance Minister Dusan Vujovic said Thursday that the next delegation of the International Monetary Fund's Mission would be staying in Serbia between August 20 and 30, adding that there were more obstacles than anticipated, but that there was not going to be any major problems. He told a press conference in the Serbian government that the statistics for the republic budget would be completed in few days and all other elements by July 15th.

- We will have everything ready by the end of July, so we expect no major problems, although right now we experience more difficulties than planned - said Vujovic.

He noted that Serbian Railways would have to operate more efficiently and that the Electric Power Company of Serbia (EPS) must cut technical losses because it was losing 16% of electricity in transmission, while Europe's losses in that regard were at about 5%.

- I understand that our system is more complex than in other countries because we're using old equipment that generates bigger losses - he stressed.

Vujovic reminded that the IMF Mission that was coming in August would be led by James Roach instead of Zuzana Murgasova.
He pointed out that the three-year stand-by arrangement that Serbia had signed with the IMF was precautionary, meaning that it was financial aid "below the line," serving only as a guarantee of external liquidity.

- We have no intention to use it as it is aid for external liquidity that we do not need because Serbia has FX reserves totaling EUR 10 billion - he said.

Ministarstvo finansija Republike Srbije

Međunarodni monetarni fond-MMF Beograd

Vlada Republike Srbije

Železnice Srbije a.d. Beograd

Elektroprivreda Srbije ad Beograd

Dusan Vujovic

International Monetary Fund Mission

IMF Mission

IMF

EPS

Zuzana Murgasova

James Roach

stand by arrangement