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IMF, Serbia reach deal amid slower recovery

IMF, Serbia reach deal amid slower recovery

An International Monetary Fund mission says it has agreed for crisis-stricken Serbia to make another draw from a standby loan, but warns that recovery is slower than expected.
Mission chief Albert Jaeger says Serbia must submit a pension law to the parliament and make cuts in public administration before IMF gives the final approval next month of the (EURO)380 billion ($467 billion) draw.
It is part of a (EURO)2.9 billion ($3.57 billion) standby loan agreed last year when Serbia was hit by the global economic meltdown. Officials said Thursday slower recovery partly was the result of continued insecurity caused by the Greek debt crisis.
Jaeger says pensions and salaries will remain frozen in 2010 but that Serbia's fiscal deficit will be larger than planned.


Updated : 2021-03-07 14:43 GMT+08:00