BELGRADE, Dec. 21 (Xinhua) -- The National Bank of Serbia (NBS) stated in a press release on Thursday that Serbia has made a significant progress during the International Monetary Fund's (IMF) three-year arrangement with the country.

"At the meeting of the IMF's Board of Executive Directors it was estimated that the trust in the market increased, that there has been growth in investments as well as economic activity," said the NBS press release.

According to the NBS, the IMF gave the estimate on the occasion of the closure of the eighth revision of its three-year arrangement with Serbia.

The NBS informed that the executive board of directors of the IMF decided to close the eighth revision of the on-going stand-by precaution three-year arrangement with Serbia worth 1.2 billion euros that expires in February 2018.

IMF reported positively on the conditions of the Serbia's labour market, inflation rate, decrease of public debt and the country's external position, as well as progress in structural reforms, with the suggestion to conduct "deeper institutional reforms that would ensure economic growth".

"Significant progress in implementation of the structural reforms strengthened the potential of the growth of Serbia's economy, decrease of fiscal risks and influence the creation of jobs," the release reads.

IMF also suggested that the remaining state-owned enterprises should advance their way of management, investment and strengthening their administrative capacities.

It concludes with IMF's remark that "Serbia, nearing the end of the arrangement, managed to achieve macroeconomic adjustment and significantly strengthen its economic capacity by implementing the agreed economic program."