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This paper discusses the Republic of Serbia’s Third Review Under the Policy Coordination Instrument (PCI). Serbia is the second IMF member country to request a PCI and aims to maintain macroeconomic and financial stability, while advancing an ambitious reform agenda to foster rapid growth, job creation and improved living standards. All quantitative targets (QTs) for end-September 2019 were met. Most reform targets (RTs) have been implemented. The IMF Staff recommends completion of the third review under the Policy Coordination Instrument and establishment of end-September 2020 QTs. Fiscal policy is on track so far, however, it will be important to closely monitor 2019 budget implementation to ensure that the deficit stays within the program ceiling. While progress has been made in reforming the tax administration and strengthening public investment management frameworks, delayed reforms of the public wage system and public employment framework need to advance in 2020.

Economic development --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Development, Economic --- Economic growth --- Growth, Economic --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Government policy --- Serbia --- N.R. Serbii︠a︡ --- Narodna Republika Srbija --- NR Serbii︠a︡ --- People's Republic of Serbia --- Republic of Serbia --- Republika Srbija --- RS de Serbije --- Serbii︠a︡ --- Servia --- Socialist Republic of Serbia --- Socijalistička Republika Srbija --- Sot︠s︡ialisticheskai︠a︡ Respublika Serbii︠a︡ --- SR Srbija --- Srbija --- SRS --- Szerbia --- Србија --- Serbia and Montenegro --- Economic conditions. --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Capital market --- Capital markets --- Currency --- Debt Management --- Debt --- Debts, Public --- Depository Institutions --- Exchange rates --- Finance --- Finance: General --- Financial institutions --- Financial markets --- Fiscal Policy --- Foreign Exchange --- Foreign exchange --- General Financial Markets: General (includes Measurement and Data) --- Industries: Financial Services --- International economics --- Loans --- Macroeconomics --- Micro Finance Institutions --- Mortgages --- Public debt --- Public finance & taxation --- Public Finance --- Sovereign Debt --- Serbia, Republic of