The Board of Directors of the International Monetary Fund (IMF) has positively evaluated the fourth, penultimate review of the results of the economic programme of the Republic of Serbia, supported by the Policy Coordination Instrument.
In the evaluation, the IMF says that Serbia successfully continues the implementation of the economic programme and that, as part of the anti-pandemic measures, the Serbian authorities adopted strict protection measures and a comprehensive package of economic measures in the initial phase. This response of economic policymakers to the crisis was extremely positive, strong, timely and comprehensive, the IMF adds.
The IMF also adds Serbian authorities responded immediately to the pandemic with a comprehensive package of fiscal and monetary measures, as well as measures aimed at the banking sector. It is considered that the measures are well-designed and targeted to protect and support households, maintain jobs, encourage more spending on healthcare, provide sufficient liquidity of the banking system and facilitate repayment of loans.
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The IMF Board also states that low inflation and a stable exchange rate have been maintained in Serbia.
The National Bank of Serbia pursued an adequate monetary policy and adopted temporary emergency measures that helped to preserve the liquidity of the banking sector and provide support for lending activity, the IMF assesses.
Finally, the IMF underlines that the fiscal package adopted in response to the crisis is one of the largest in the Balkan region and provides adequate support to households, companies and the health care system.
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