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August 01, 2003 - Friday |
IMF welcomes Serbia's reforms, central bank law
Belgrade, Aug 1, 2003 - The International Monetary Fund (IMF) has allowed Serbia-Montenegro to draw $140 million under the extended arrangement, also welcoming the Serbian government's economic policy and the new law on the National Bank of Serbia (NBS), the Serbian Ministry of Finance and Economy said in a statement issued today.
IMF First Deputy Managing Director and Acting Chair Anne Krueger said that the new law on NBS will strengthen the central bank's credibility, protect its independence, and improve accountability and internal controls. The IMF's position confirms the government's stance that the new legislation will provide for an independent central bank and step up supervision and internal controls, the statement revealed, adding that the IMF also commended the government's resolve to press ahead with economic reforms.
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