Serbia and Montenegro: Staff Report for the 2005 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2005 Issue 233

Publication date: July 2005

ISBN: 9781451833577

$20.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Exports and Imports , Inflation , Money and Monetary Policy , Public Finance , Taxation - General , ISCR , CR , deficit , enterprise , government , privatization revenue , enterprise restructuring , revenue collection , envisaged policy package , authorities of Serbia and Montenegro , exchange rate depreciation , Current account deficits , Inflation , Global

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Summary

This 2005 Article IV Consultation highlights that macroeconomic imbalances in Serbia and Montenegro widened in 2004, putting at risk some of the impressive earlier achievements. Growth, about 5 percent in nonagriculture since 2002, has been fueled by a surge in domestic demand. Lack of competitive domestic production has led to increased imports and a widening current account deficit. The main policy challenge is to maintain macroeconomic stability while accelerating structural reform. Fiscal policy needs to be tightened substantially, and its flexibility increased by reducing the large share of nondiscretionary spending.