Tabakovic meets with IMF resident representative in Serbia

BELGRADE - National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic met with new IMF Resident Representative in Serbia Lev Ratnovski on Monday.

"As the Serbian Governor to the IMF, Governor Tabakovic discussed the programmes of cooperation with the IMF with Mr Ratnovski. It was concluded that the Republic of Serbia is an example of a country with sound economic policies, outstanding macroeconomic results and an excellent outlook for growth and development. Serbia was the second country to conclude the advisory Policy Coordination Instrument, in July 2018 for the first time and in June 2021 for the second. At the height of the energy crisis, the current stand-by arrangement was concluded as part of the strategy of diversification, including diversification of sources of funding," the central bank said in a statement.

"Mr Ratnovski said that it was a great honour for him to be appointed the IMF Resident Representative for Serbia. He congratulated Governor Jorgovanka Tabakovic on resolutely steering the NBS during the period of sharp global turbulence. He pointed out that the IMF staff for Serbia are extremely proud because, in all their meetings with investors and international institutions, they hear the same conclusion – Serbia is a story of macroeconomic success.

Governor Jorgovanka Tabakovic congratulated Mr Ratnovski on his new position, saying that his appointment to Serbia is a reward. She said that Serbia will continue to pursue policies encouraging high sustainable growth, employing all of its potentials. The Governor highlighted that successful cooperation with the IMF was achieved with the arrival of the then PM and now President Vucic, as this is when the essential transformation of the country began. Without this, we would not be able to speak of successful cooperation today. Serbia is now also recognised for its coordinated monetary and fiscal policies, which has almost become the trademark of our country. At the same time, the NBS has both de jure and de facto autonomy in selecting the tools for implementing its policies, in order to achieve its objectives which are clearly laid down in the Law on the National Bank of Serbia," it said.

"With regard to the current SEPA project which envisages, among other things, the adoption of the draft Law Amending the Law on Payment Services proposed by the NBS, the Governor pointed out that this project would enable faster, easier and cheaper payment transactions not only with EU countries but also with some countries of the region. The Republic of Serbia is the only country of the region which has had the technical infrastructure for instant payments for almost six years – our NBS IPS payment system, which already applies the same standards for financial messages as in the SEPA area. Events from only a few days ago show how important it is for a country to have its payment system and its safeguard measures, in order to ensure uninterrupted access to payment accounts for its citizens. The NBS’s policy is not to wait for things to happen, but to tackle them in advance, and this is the approach we apply in all areas of our competence, particularly in the pursuit of monetary policy," it also said.