Serbia's cooperation with the International Monetary Fund (IMF) and the World Bank (WB) has been very successful this year, Serbian Representative with the World Bank in Washington Biljana Chroneos-Krasavac told Tanjug on Friday.

The IMF Board allowed this week Serbia to take out EUR 373 million for the strengthening of the country's foreign exchange reserves, since it has made a positive assessment regarding the sixth revision of the stand-by credit arrangement with Serbia, Chroneos-Krasavac said.

The National Bank of Serbia (NBS) decided that Serbia should witdraw only 10 percent of the available quota, she said.

The IMF Board assessed the arrangement with Serbia as relatively good, and that all revisions so far were carried out on time and in regular procedure, she said.

The Board commended Serbia for its law on fiscal responsibility and relevant regulations, she said.

This is very important for Serbia, as the arrangement with IMF means that the country has a stable macro-economic policy, Chroneos-Krasavac said.

As regards cooperation with the World Bank, she said that its management for eastern Europe sent in the beginning of December a delegation to visit Serbia to start negotiations with its government on a new four-year partnership strategy.

Chroneos-Krasavac expects that between USD 800 million and one billion will be made available to Serbia during the new four-year partnership strategy.