Serbia has turned to the IMF and the United Arab Emirates for help in handling its soaring debt costs, in a move that highlights the impact of higher interest rates and the economic downturn on Europe’s emerging markets.
The IMF on Tuesday confirmed to the Financial Times that Belgrade had called for discussions on a so-called standby arrangement. Such an arrangement would allow Serbia to draw on IMF support in the event that Belgrade could not sell its bonds to investors.
Authorities hope that having the Fund’s assurances in place will prevent further rises in the country’s borrowing costs on international markets, which have more than tripled since the turn of the year from less than 2 per cent to more than 6 per cent.
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