July 26 (SeeNews) - The growth of Serbia's IT industry boosts the competitiveness of the country's economy, the managing director of the International Monetary Fund (IMF), Christine Lagarde, said.
The 30% annual increase of exports of Serbia's IT industry is a positive surprise which enhances the growth and the competitiveness of the Serbian economy, Lagarde said during a meeting with Serbian prime minister Ana Brnabic in Washington on Wednesday, according to a government press release.
Serbian exports of IT products reached 1 billion euro ($1.17 billion) in the first half of 2018 and the industry is currently generating 10% of the country's gross domestic product (GDP), finance minister Sinisa Mali said earlier this month.
Serbia needs the support of the IMF to improve the efficiency of investments in large infrastructure projects and increase the support to research and development (R&D) initiatives, Brnabic said during the meeting.
Earlier this month, the IMF said its executive board approved a new economic reform programme for Serbia that will build on the precautionary stand-by arrangement successfully completed in February 2018.
The 30-month Policy Coordination Instrument-supported programme aims at maintaining macroeconomic and financial stability and advancing an ambitious structural and institutional reform agenda to foster rapid and inclusive growth, job creation and improved living standards in Serbia.
($ = 0.854001 euro)