Serbia has requested permission from the International Monetary Fund to raise state wages amid concerns of a possible social unrest, Business Week reports. Freezing state salaries and pensions is among the terms that Serbia agreed to under its USD3.58 billion bailout loan from IMF. This move, however, has triggered street protests and walkouts over the past weeks, Business Week says. Meanwhile, Serbian Finance Minister Diana Dragutinovic said the government is committed to implementing reforms aimed at boosting the country’s attractiveness to investors. Serbia has a sound fiscal policy, and the government is keen in putting the country on the map of good investment destinations, Dragutinovic said during the annual European Bank for Reconstruction and Development meeting held May 14 in Croatia.

About the author

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.