VUJOVIC: No need for incurring debt with the IMF

(Dusan Vujovic) Serbia won’t be incurring debt with the IMF, as it has no need to, stated Minister of Finance Dusan Vujovic on Wednesday, October 26.

He reminded at the parliament that Serbia had made a three-year Precautionary Standby Arrangement with the IMF in February 2015 and pointed out that it meant the state could incur up to EUR 1.2 billion of debt, but that it didn’t need to utilize the option.

– We won’t be borrowing anything and we won’t be paying anything – Vujovic stated.

He explained that there were a total of 12 reviews in those three years which Serbia needed to pass in order to withdraw the money from the IMF if needed.

– Since we are a country with access to financial markets, the IMF is not providing money as support to our budget, but only for the position as regards balance of payments, which has been improving. The value of current investments exceeds the current deficit in the balance of payments and we need no funds in order to finance it – Vujovic said.

As he said, the Government of Serbia has done a lot in order for the state not to need to incur debt with the IMF.

Ministarstvo finansija Republike Srbije

Međunarodni monetarni fond-MMF Beograd

Vlada Republike Srbije

Dusan Vujovic

International Monetary Fund

IMF

IMF Precautionary Standby Arrangement

balance of payments