| Financier | Commitments |
|---|---|
| FRANCE: Govt. of [MOFA and AFD (C2D)] | 3.15 |
| International Bank for Reconstruction and Development | 75.00 |
| Borrower/Recipient | 282.67 |
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... Show More
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
2023
US$ 78.15 million
N/A
Low
March 31, 2027
Yes
BANK APPROVED
June 10, 2024
Finances
Financing Plan (US$ Millions)
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
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 |
Ratings
Results Framework
PROJECT DEVELOPMENT OBJECTIVE INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
The share of green and climate responsive public investments in total capital expenditures is increased Value The share of green public investments is not syste Criteria for prescreening, appraisal, review of ap Percentage of budget allocated to green and climat Date June 1, 2022 January 31, 2024 December 31, 2026 Comment Improved fiscal transparency and program-based budgeting, including gender disaggregation Value Information on fiscal outturns and on performance The analysis of program budgets on expenditure eff At least two Line Ministries relevant for the Gree Date October 28, 2022 January 31, 2024 December 30, 2026 Comment An MRV system for GHG emissions is operational and in use Value MRV system designed but not yet operational; final The MoEP has adopted six bylaws on the Monitoring, An MRV system for GHG is operational and in use. Date January 6, 2023 January 31, 2024 March 31, 2027 Comment Improving management of public investments and assets Value Proposed public investment projects are not system PIMIS is operational. The MoF expects the proporti The Ministry of Finance issues an opinion on finan Date January 6, 2023 January 31, 2024 March 31, 2027 Comment Implementing effective fiscal risk monitoring and reporting Value Methodologies for monitoring fiscal risks have bee Quarterly fiscal risk reports will be prepared sta The Government publishes the 2027-2029 Fiscal Stra Date January 6, 2023 January 31, 2024 March 31, 2027 Comment
INTERMEDIATE RESULTS INDICATORS
| INDICATOR | BASELINE | CURRENT | TARGET |
|---|
Green and climate aspects are integrated into Public Policy Documents and the links between PPDs and budgets are strengthened Value Green and climate aspects/considerations are limit The PPS is developing a first draft of the guideli Over at least the last 12 months, all newly approv Date September 1, 2022 January 31, 2024 March 31, 2027 Comment Green budget tagging is implemented Value No Green Budget Tagging in place based on a consis Green Budget Tagging (GBT) Methodology and accompa Green budget tagging is established in Serbia and Date June 1, 2022 January 31, 2024 March 31, 2027 Comment Broadened use of green public procurement Value 7 procurements across the national Government of S No change from baseline. Data collection and valid Across the 7 selected institutions, at least 15% o Date January 4, 2023 January 31, 2024 April 30, 2027 Comment