The talks between Serbian government representatives and the International Monetary Fund (IMF) mission with regard to the first revision of the precautionary arrangement have ended and the joint address to the public is due on Wednesday, Tanjug learnt at the prime minister's cabinet.

The joint news conference will be held in the Serbian government building in the morning hours on Wednesday.

Experts of the Serbian government and the IMF mission opened the talks in Belgrade on November 3 within the first quarterly revision of the results achieved in the implementation of the current stand-by precautionary arrangement, in addition to the granted loan worth EUR 1.1 billion.

Official talks started on November 9 by a plenary session in the National Bank of Serbia and the IMF delegation conferred with Serbian Prime Minister Mirko Cvetkovic later in the day.

During the visit of mission headed by IMF Central and Eastern Europe Regional Resident Representative Mark Allen, the talks covered the ongoing macroeconomic developments in the country, the prospects of economic growth in 2011 and 2012, implementation of economic policy, realisation of the agreed fiscal policy measures in the context of strengthening fiscal responsibility and structural measures.

Last week, the IMF delegation conferred with Prime Minister Mirko Cvetkovic, Deputy Prime Minister Verica Kalanovic and Minister of Labour and Social Policy Rasim Ljajic over the implementation of social policy measures in 2011 and 2012 and potential amendments to the operative legislations aimed at improving investment climate in Serbia.

The arrangement worth around EUR 1.1 billion (or 935.4 million of special withdrawal rights) which was granted to Serbia on September 29 was closed out of precaution and without intention of using the funds except in the case of the country's balance of payments needs.