01855cas a2200241 a 4500 AALejournalIMF015319 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513586212 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. European Dept. Republic of Serbia : First Review Under the Stand-By Arrangement. Washington, D.C. : International Monetary Fund, 2015. 1 online resource (65 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper discusses Serbia's First Review Under the Stand-By Arrangement. The program is broadly on track. All end-March 2015 performance criteria and indicative targets were met with comfortable margins. All end-March structural benchmarks were implemented, although with a delay, and all prior actions were met. The economy has stabilized, on the back of lower oil prices and stronger than expected trading partner growth. Inflationary pressures remain subdued. The external position has strengthened. Despite monetary easing, credit growth remains sluggish, and nonperforming loans continue to pose a challenge. Risks to the program come from possible spillovers from regional developments and increase in market volatility, as well as delayed implementation of structural reforms. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2015/161 Full text available on IMF http://elibrary.imf.org/view/journals/002/2015/161/002.2015.issue-161-en.xml IMF e-Library