IMF Completes Fifth Review Under Stand-By Arrangement with Serbia and Approves €366.5 Million Disbursement

The Executive Board of the International Monetary Fund (IMF) today completed the fifth review of Serbia’s economic performance under the program supported by a Stand-By Arrangement (SBA). The completion of the review enables the immediate disbursement of SDR 319.595 million (about €366.5 million, or US$494.0 million). Drawing the full amount would bring total disbursements under the program to SDR 1.55 billion (about €1.77 billion, or US$2.39 billion). In completing the review the Board also approved Serbia’s request for a modification of the end-September quantitative performance criterion. The Board also completed the financing assurances review.

Serbia’s initial 15-month SBA was approved on January 16, 2009, in the amount of SDR 350.8 million (about €402.3 million, or US$542.2 million). On May 15, 2009, the arrangement was extended by one year and augmented to SDR 2.6 billion (about €2.98 billion, or US$4.02 billion to support the government's economic program amid a sharper than expected impact from the global financial crisis.

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