Serbia Receives $4 Billion Loan From the I.M.F.

Serbia has reached an agreement with the International Monetary Fund and will receive a loan of 3 billion euro from the institution.

The stand-by for two years was signed after negotiations that began on March 18, according to Albert Jaeger, IMF mission leader for Serbia, reports International Herald Tribune.

Serbia received a reprieve of a few weeks to rectify the state budget and implement fiscal measures that will be presented to Fund in May to a final accept.

According to IMF experts, Serbia will enter in recession in 2009, with a negative growth of 2 % and with limited possibilities of recovery in 2010.

“Serbia will negotiate further loans with the World Bank, European Union and other foreign credit institutions. IMF has lent Serbia with 530 million in November 2008.

Hungary, Ukraine, Lithuania, Romania and Belarus have so far requested aid from the International Monetary Fund in order to face economic crisis