IMF says reaches staff agreement with Serbia on stand-by arrangement

The International Monetary Fund said on Tuesday that it has reached a staff-level agreement with Serbia on the third review of the country's two-year stand-by arrangement, which would make 400 mln euros available to Belgrade if approved by the IMF Executive Board.

The IMF said, however, that Serbian authorities have expressed their intention to continue to treat the 2.4 billion-euro stand-by arrangement as precautionary, given the country's accumulation of reserves and fiscal buffers and reduced macroeconomic imbalances.