In a recent statement to journalists in Freiberg, Serbian President Aleksandar Vučić commented on the approval of a new non-financial arrangement with the International Monetary Fund (IMF) for Serbia, the Policy Coordination Instrument (PCI), which will last for the next three years.
Vučić stressed the importance of maintaining control over the country’s finances, particularly the public debt and fiscal deficit. He explained that while Serbia has sufficient funds, the challenge lies in avoiding unnecessary spending, particularly in December when various requests for budget allocations surge.
“We have the money, but control is crucial,” Vučić said. “As December approaches, we face five billion different requests from all possible budget users. And everyone hopes to get something as a gift. The key is to avoid waste, prevent an increase in public debt, and keep the deficit under control. We need to ensure that our public debt does not exceed 50 percent of GDP, and certainly not the 60 or 75 percent it was at when I first became Prime Minister.”
Vučić also highlighted that Serbia has worked with the IMF since he took office in 2014, and that this partnership has contributed to the country’s economic stability. He contrasted this approach with the 2011 decision to sever ties with the IMF, which, in his view, led Serbia into one of the worst economic crises in its history.
“We’ve had the IMF by our side, and that’s one of the reasons we’ve been successful. Unlike some, who turned their back on the IMF in 2011 and plunged Serbia into the most difficult crisis in its economic history,” Vučić remarked.
Looking ahead, the Serbian president expressed optimism about the future, mentioning the importance of appointing new ministers and completing vital infrastructure projects. He specifically pointed to ongoing highway constructions, which will help facilitate travel during the New Year holidays, both for people returning from abroad and for those living within the country.
“Many good things are ahead of us, and many important events are coming,” Vučić concluded.
