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Prime Minister Mirko Cvetkovic said the Serbian economy should avoid recession and grow by 0.5% in 2009. Photo by BGNES
Serbia has begun talks with the International Monetary Fund (IMF) to agree a EUR 2 B emergency loan.
The money will be used primarily to strengthen the country's hard currency reserves, and stabilise the Serbian dinar, the BBC reported.
"We need financial help to cover this year's budget deficit... We need EUR 1,5 - 2 B in order to get through this difficult year without major turbulence", Serbia's trade minister, Slobodan Milosavljevic, explained.
The talks are expected to last for up to 10 days, Serbian officials commented. In their words the IMF was likely to insist on big cuts in Serbian public spending as a condition of the loan.
The IMF already approved loans of EUR 500 M to Serbia earlier in 2009.
Serbian ministers hope that if a further loan can be agreed with the IMF, it will be able to borrow more money from other institutions on more favourable terms.
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