This statement provides information that has become available since the issuance of the staff report (EBS/11/141). The new information does not alter the thrust of the staff appraisal.
1. The prior actions for program approval have been completed. As indicated in the staff report, the law on property restitution, including a fiscally responsible cap on financial restitution payments, was submitted to Parliament shortly after the mission left Belgrade, on September 6. The law has been passed by Parliament. On September 23, the government submitted to Parliament a 2011 supplementary budget and adopted supporting measures consistent with the program (TMU ¶12).
2. The government of Serbia placed a US$1 billion Eurobond on September 21. This was Serbia’s first issuance in the international market, excluding bonds issued as part of the 2004 debt restructuring. The bond has a 10 year maturity and was priced to yield 7.5 percent.