Serbia to request extension on IMF agreement
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Serbia to request extension on IMF agreement

Economy minister seeks more time to mull over Fund targets

The Serbian government decided at its session to request a 2-month extension of the 3-year extended arrangement with the IMF until end-February, economy minister Predrag Bubalo announced at a press conference. As recalled, the cabinet has already requested extension this year and the expiration of the agreement was shifted to end-December from mid-May. However, the inability of Serbian officials and the Fund to reach compromise on some issues made local authorities require another extension. According to Bubalo, the 2-month prolongation was required so that the cabinet can meet some targets agreed with the IMF such as selection of a privatisation advisor for oil and gas company NIS (bids are to be opened today). It should be also seen whether the 2005 budget surplus will be in line with the expectations of the finance ministry. As recalled, IMF and Serbian officials reached on Dec 5 a technical agreement on the sixth and final review and the Fund is expected to approve the disbursement of the last tranche under the arrangement at the end of January.

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