Government of Serbia signed agreement with IMF on approval of credit support worth 520m USD - spending only if necessary

Head of the IMF Mission, Albert Jager, said on Friday (November 14, 2008) that IMF and representatives of Serbian authorities had agreed on provision of 520m USD worth of credit support to Serbia, which would be used only in case of extreme necessity.

Jager said at the press conference in the Government of Serbia that that arrangement would last for 15 months and that it would expire in March 2010. He also pointed out that Serbian authorities were taking the loan out of precaution.

This credit line should be approved by the Board of Managers of IMF and adopted by the Government of Serbia.

Jager estimated that Serbia's economy can deal with global crisis, but he also said that Serbia was facing the problems that made it more vulnerable than other countries in the region.