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International Monetary Fund. European Dept.

further strengthen the AML/CFT framework. They concurred that while capital standards should be preserved, capital buffers should be replenished gradually. Directors underscored the key role of effective governance at the central bank and encouraged the authorities to fill existing board vacancies as soon as possible. Directors welcomed ongoing efforts to improve governance and modernize public sector administration. They welcomed the authorities’ intention to conduct a special audit of COVID-related relief measures. Directors encouraged strengthening the management

International Monetary Fund

commitments under the now elapsed European Bank Coordination Initiative (EBCI). 8. The authorities acknowledge that difficult economic and political challenges lie ahead as Serbia transitions to a sustainable growth model. They agree that its agenda for action should include reforming public sector administration, restructuring of utilities, continuation of pension reform, and improving the business environment as a matter of priority. In the short term, the focus will be on streamlining regulation, active labor market measures, and the promotion of FDI. 9. The

William Joseph Crandall

public sector administration it usually refers to ….the degree to which a government department or agency is able to operate independently from government, in terms of legal form and status, funding and budget, and financial, human resources and administrative practices In considering the question of autonomy, it can be useful to look at typical national government structures along a spectrum that indicates decreasing government control and increasing autonomy ( Figure 1 ). In the last few decades, many models have emerged along this spectrum. The