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Improving public financial management for the green transition

Abstract*

Serbia is an upper middle-income country with a per capita income of US$ 9,215 in 2021. The country’s economy and household incomes expanded following a significant fiscal adjustment in 2014-15, and the fiscal environment improved significantly up until 2019. In 2020, the economy contracted by 1 percent due to COVID-19, followed by a strong rebound in 2021 with growth accelerating to 7.4 percent. The proposed operation is aligned with and supports...

* The project abstract is drawn from the PAD, SAR or PGD and may not accurately reflect the project's current nature

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Development Objective

The Program Development Objective is to improve core PFM functions and institutional capabilities needed for Serbia’s fiscal resilience and green transition.

Key Details

Project Details

  • P175655

  • Active

  • Aleksandar Crnomarkovic , Wei-Jen Leow, Kai-Alexander Kaiser

  • Republic of Serbia

  • Serbia

  • November 3, 2021

  • (as of board presentation)

    March 9, 2023

  • August 28, 2023

  • US$ 78.00 million

  • Ministry of Finance

  • Europe and Central Asia

  • 2023

  • US$ 78.15 million

  • N/A

  • Low

  • March 31, 2027

  • Yes

  • BANK APPROVED

  • June 10, 2024

  • Notes

Finances

Financing Plan (US$ Millions)

No data available.
Financier Commitments
FRANCE: Govt. of [MOFA and AFD (C2D)] 3.15
International Bank for Reconstruction and Development 75.00
Borrower/Recipient 282.67

Total Project Financing (US$ Millions)

Product Line IBRD/IDA
IBRD Commitment 75.00
IDA Commitment N/A
IBRD + IDA Commitment 75.00
Lending Instrument
Grant Amount 3.15
Total Project Cost** 78.00

Summary Status of World Bank Financing (US$ Millions) as of June 30, 2025

Download:
No data available.
Financier Approval Date Closing Date Principal Disbursed Repayments Interest, Charges & Fees

Detailed Financial Activity as of June 30, 2025

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No data available.
Period Financier Transaction Type Amount (US$)
Apr 15, 2024 IBRD-94820 Int Charges 39,395.02
Aug 28, 2023 IBRD-94820 Loan Disb 187,317.90
Apr 18, 2024 IBRD-94820 Loan Disb 106,760.00
Apr 15, 2024 IBRD-94820 Int Charges 4,270.40
Apr 15, 2024 IBRD-94820 Int Charges 92,193.00
Apr 15, 2024 IBRD-94820 Int Charges 1,001.95
Aug 28, 2023 IBRD-94820 Fee Charges 187,317.90
Mar 9, 2023 IBRD-94820 Loan Commitment 75,000,000.00

Footnotes

Ratings

IMPLEMENTATION RATINGS

Name Review Date
Progress towards achievement of PDO Satisfactory 2024-10-25
Monitoring and Evaluation Satisfactory 2024-10-25
Overall Implementation Progress (IP) Satisfactory 2024-10-25

COMPLETION RATINGS

No data available.

INDEPENDENT EVALUATION RATINGS

No data available.

Results Framework

PROJECT DEVELOPMENT OBJECTIVE INDICATORS

INDICATORBASELINECURRENTTARGET
  • The share of green and climate responsive public investments in total capital expenditures is increasedValueThe share of green public investments is not systeCriteria for prescreening, appraisal, review of apPercentage of budget allocated to green and climat
    DateJune 1, 2022January 31, 2024December 31, 2026
    Comment
  • Improved fiscal transparency and program-based budgeting, including gender disaggregationValueInformation on fiscal outturns and on performance The analysis of program budgets on expenditure effAt least two Line Ministries relevant for the Gree
    DateOctober 28, 2022January 31, 2024December 30, 2026
    Comment
  • An MRV system for GHG emissions is operational and in useValueMRV system designed but not yet operational; finalThe MoEP has adopted six bylaws on the Monitoring,An MRV system for GHG is operational and in use.
    DateJanuary 6, 2023January 31, 2024March 31, 2027
    Comment
  • Improving management of public investments and assetsValueProposed public investment projects are not systemPIMIS is operational. The MoF expects the proportiThe Ministry of Finance issues an opinion on finan
    DateJanuary 6, 2023January 31, 2024March 31, 2027
    Comment
  • Implementing effective fiscal risk monitoring and reportingValueMethodologies for monitoring fiscal risks have beeQuarterly fiscal risk reports will be prepared staThe Government publishes the 2027-2029 Fiscal Stra
    DateJanuary 6, 2023January 31, 2024March 31, 2027
    Comment

INTERMEDIATE RESULTS INDICATORS

INDICATORBASELINECURRENTTARGET
  • Green and climate aspects are integrated into Public Policy Documents and the links between PPDs and budgets are strengthenedValueGreen and climate aspects/considerations are limitThe PPS is developing a first draft of the guideliOver at least the last 12 months, all newly approv
    DateSeptember 1, 2022January 31, 2024March 31, 2027
    Comment
  • Green budget tagging is implementedValueNo Green Budget Tagging in place based on a consisGreen Budget Tagging (GBT) Methodology and accompaGreen budget tagging is established in Serbia and
    DateJune 1, 2022January 31, 2024March 31, 2027
    Comment
  • Broadened use of green public procurementValue7 procurements across the national Government of SNo change from baseline. Data collection and validAcross the 7 selected institutions, at least 15% o
    DateJanuary 4, 2023January 31, 2024April 30, 2027
    Comment