On The Right Path

Serbia's recent tight fiscal discipline looks set to continue, as parliament has approved a revision of the 2005 budget. The new budget will target a small surplus (0.2% of GDP) from the planned deficit of 1.4%, which will be the first in over 60 years. The move is part of the ongoing economic agenda that has been developed in association with the IMF US$900mn loan deal. The Fund detailed strict requirements after waiving performance criteria in a June review, which must be met for a sixth and final review in the autumn. Whilst an austere fiscal policy and strong export

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