Serbia and Montenegro; Fourth Review Under the Extended Arrangement, Financing Assurances Review, and Request for Waiver of Performance Criteria and Modification of End-December Performance Criterion—Staff Report; Staff Statement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Serbia and Montenegro
The Fourth Review Under the Extended Arrangement, Financing Assurances Review, and Request for Waiver of Performance Criteria for Serbia and Montenegro are discussed. The agreed tighter fiscal, monetary, and incomes policies should cool off wage and credit growth, which are driving the demand for imports. The bold resumption of structural reforms should over time help increase exports, which remain exceptionally low in reference to GDP. The fragile political situation could affect the ability of the reformist minority government to press ahead with bold reforms.
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