Serbia’s First Deputy Prime Minister and Finance Minister Siniša Mali met in Washington with representatives of the renowned rating agencies Standard & Poor’s, Fitch, and Moody’s, Trend reports.
Standard & Poor’s confirmed Serbia’s investment-grade credit rating last year
Minister Mali described the meetings with the agencies as very successful and significant
“Serbia is the only country that is a candidate for full EU membership and has an investment-grade credit rating in the Western Balkans region. For citizens, this means that these rating agencies have classified us among countries that are safe for investment, which is a major recognition of the economic policy we are pursuing. When meeting with rating agencies, you have to continuously confirm your results, ensure your economy grows, find new sources of growth, while maintaining macroeconomic stability and keeping public debt at an acceptable level,” Mali said
The minister emphasized that Serbia continues to grow despite various challenges, projecting a growth rate of 2.3–2.4 percent for this year. He added that Serbia has fully maintained macroeconomic stability despite difficulties
“We have the largest foreign exchange reserves ever, gold reserves as well, the lowest unemployment rate, the highest employment rate, nearly 4 billion euros in our account, and despite global challenges and domestic issues, our public debt to GDP ratio is 43 percent. The Eurozone average is 88–89 percent, and the IMF director recently noted that the global average will exceed 100 percent by 2029. So, a small country like Serbia is in a better position than many others because it pursues responsible economic policy,” Mali said
Mali highlighted ongoing investments, recalling President Aleksandar Vučić’s visit earlier today to the construction works on the “Iriški Venac” tunnel on the Fruška Gora corridor
“We are building highways, high-speed railways, schools, hospitals, investing in energy and in everything that improves the quality of life for Serbian citizens, while contributing to the further development and growth of our economy. We do all this very seriously and responsibly. This is crucial for the IMF, for rating agencies, and for our citizens, who know that every dinar is managed responsibly. Each time we receive positive reports from rating agencies, it means more investment, more factories, better positioning, increased attractiveness, and thus higher salaries and pensions,” Mali stressed
He also had an excellent discussion with Antonella Bassani, Vice President of the World Bank for Europe and Central Asia
“Serbia currently has 4.6 billion euros in ratified agreements with the World Bank in the fields of digitalization, energy, agriculture, and tax administration reform. It is very important to have excellent cooperation with leading financial institutions like the World Bank and the IMF, as this lends credibility to our efforts and confirms Serbia’s position as an attractive destination for investment, from which Serbian citizens benefit the most,” Mali concluded
Representatives of the National Bank of Serbia also attended the meetings
The Washington gathering brings together central bank governors, finance ministers, parliamentarians, private sector executives, civil society representatives, and academics to discuss issues of global importance
