Serbia inherits membership in IMF and World Bank

Serbian Minister of Finance Mladjan Dinkic and Montenegrin Minister of Finance Igor Luksic agreed in a meeting today in Podgorica that Serbia will succeed the state union’s membership in the International Monetary Fund (IMF), the World Bank and all international financial institutions.

After the talks, Dinkic expressed expectation that the governments of Serbia and Montenegro will verify today’s agreement next week. He said that Serbia will inherit membership in all international financial institutions with the existing quota and noted that Montenegro will get a 5.85% quota.

Luksic said that under the agreement, Serbia has to refund a certain amount to Montenegro, which means regulating its obligations to international financial institutions and added that this is a reasonable and constructive compromise.

The agreement shows that Serbia and Montenegro are two serious and mature countries that can find a solution to any problem, Luksic said. He explained that this agreement is part of the package that will solve all issues of mutual claims between Serbia and Montenegro.

The two governments will discuss one such agreement in sessions next week, which will be followed by a joint letter from ministers of finance and central banks governors that would inform international financial institutions on the agreements achieved between the two states, Luksic said.

The meeting in Podgorica was also attended by Governor of the National Bank of Serbia (NBS) Radovan Jelasic and President of the Council of Montenegrin Central Bank Ljubisa Krgovic.