Republic of Serbia: First Review Under the Stand-By Arrangement

June 26, 2015

Preview Citation

Format: Chicago

Republic of Serbia: First Review Under the Stand-By Arrangement, (USA: International Monetary Fund, 2015) accessed November 22, 2024

Summary

This paper discusses Serbia’s First Review Under the Stand-By Arrangement. The program is broadly on track. All end-March 2015 performance criteria and indicative targets were met with comfortable margins. All end-March structural benchmarks were implemented, although with a delay, and all prior actions were met. The economy has stabilized, on the back of lower oil prices and stronger than expected trading partner growth. Inflationary pressures remain subdued. The external position has strengthened. Despite monetary easing, credit growth remains sluggish, and nonperforming loans continue to pose a challenge. Risks to the program come from possible spillovers from regional developments and increase in market volatility, as well as delayed implementation of structural reforms.

Subject: Banking, External debt, Financial institutions, Nonperforming loans, Oil prices, Prices, Public debt, Tariffs, Taxes

Keywords: Broad money, CR, Credit growth, Europe, Foreign exchange, Global, Growth, Interest rate, ISCR, Money market, Nonperforming loans, Oil prices, Reform effort, SDR, State aid, Tariffs, Terms of trade, Transmission mechanism

Publication Details

Pages:

65
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2015/161
Stock No:

1SRBEA2015002
ISBN:

9781513586212
ISSN:

1934-7685

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