Deputy Prime Minister Jovan Krkobabic on Feb. 11 presented to an International Monetary Fund (IMF) delegation a draft reform of the pension and disability insurance system in Serbia.

The delegation "assessed in detail" the proposed changes, according to a statement from Krkobabic's office.

"The meeting was held in a constructive atmosphere and was concluded very successfully," the statement added.

Before a meeting with the IMF delegation, the Serbian team in charge of amendments to the pension system and reforms had held several meetings with the World Bank representatives, who, according to the statement, also meticulously evaluated the proposed changes.

The IMF delegation was also informed about the changes that have been made in the pension and disability insurance system, which primarily refer to rationalization and unification of the existing four funds under a single roof.

"The IMF representatives believe the proposed reforms are in line with European standards and ensure a long-term, sustainable pension system, which will not jeopardize the country's economic stability," the statement said.

Talks on the matter will continue over the next few days, to address technical details.

On Feb. 9, the IMF initiated talks with the representatives of the government and the National Bank of Serbia, which should last until Feb. 23. The talks are being held as part of the regular annual consultations. At the same time the IMF delegation is conducting a revision of the stand-by credit arrangement worth EUR2.9 billion.