Serbia to discuss new arrangement with IMF in spring of 2017 – RTB Bor still one of state's biggest problems

(Aleksandar Vucic) Prime Minister Aleksandar Vucic announced today at the Davos World Economic Forum the talks with the International Monetary Fund (IMF) about the new arrangement.

– We are very satisfied with the results we've achieved in carrying out the Stand-By Arrangement signed by the IMF with Serbia – Vucic said and reminded that the current Stand-By Arrangement, worth EUR 1.2 billion, should expire in February 2018.

The prime minister expressed hope that the new credit arrangement would be discussed with the IMF during the next review of the current arrangement, which is expected to take place in the spring. Before the review, the IMF delegation will visit Belgrade in March.

– I believe that we need to discuss the matter and I would personally not be against such an idea – Vucic said.

In November, the IMF reviewed the estimate of Serbia's 2016 economic growth up to 2.7% from 2.5% and projected the 2017 growth of 3%. The Fund also agreed to salary raises in the public sector and pension raises in 2017.

The IMF, however, said on the occasion that Serbian authorities needed to prepare a clear plan of restructuring state-owned companies operating with losses, among them RTB Bor copper mine, Petrohemija and the Resavica coal mine.

The prime minister also said that RTB Bor was still one of the biggest problems of the Serbian Government.

– If we prove capable of making an arrangement on the privatization or sale with one of those companies, this will be great news for Serbia. It's probable that, as things stand, it is the Chinese who might be the only ones capable of solving the problem of the copper mine – Vucic stated.

Vlada Republike Srbije

Međunarodni monetarni fond-MMF Beograd

Serbia Zijin Copper doo Bor

HIP-Petrohemija a.d. Pančevo

Aleksandar Vucic

Davos World Economic Forum

International Monetary Fund

IMF

Stand By Arrangement with IMF

economic growth of Serbia

Resavica coal mine