Jorgovanka Tabaković, Governor of the National Bank of Serbia, recently met with Lev Ratnovski, the new permanent representative of the International Monetary Fund (IMF) in Serbia. During their discussion, they highlighted Serbia’s robust economic policy, strong macroeconomic results and promising growth prospects.
Tabaković congratulated Ratnovski on his appointment, noting his recognition for his contributions to Serbia. Ratnovski, in turn, praised Tabaković for her effective leadership of the National Bank of Serbia amid global economic challenges.
Tabaković emphasized Serbia’s commitment to policies that promote sustainable growth, leveraging the country’s full potential. She credited the success of Serbia’s IMF cooperation to the transformative period under then-Prime Minister and current President Vučić, noting that Serbia’s coordination of monetary and fiscal policies has become a hallmark of its economic strategy.
Ratnovski expressed pride in the IMF team’s work, citing positive feedback from investors and international institutions about Serbia’s macroeconomic progress.
Serbia became the second country to enter into the Policy Coordination Instrument in July 2018 and again in June 2021, reflecting its advisory and strategic approach. The current standby arrangement, introduced during the energy crisis, is part of Serbia’s diversification strategy.
Tabaković also discussed the SEPA project, including the proposed Law on Amendments to the Law on Payment Services, which aims to streamline payment transactions with the EU and regional countries. She highlighted Serbia’s advanced technical infrastructure for instant payments through its IPS NBS payment system, emphasizing the importance of having a robust, independent payment system.
The IMF’s recent review praised Serbia’s economic performance, noting accelerating growth, declining inflation, a reduced current account deficit, record reserves, and decreasing public debt relative to GDP. The review confirmed that all performance criteria and goals were met, and the structural reform plan continued to progress. This positive assessment allowed for a decision on the arrangement without a formal Board meeting, reflecting confidence in Serbia’s economic policy and outcomes.
