. the best confirmation of the correctness of our approach is the results achieved – the demonstrated resilience to external shocks unprecedented in recent history and favourable macroeconomic prospects for our economy. this is also recognised by relevant international institutions, including the imf, which assesses that we are recording impressive results and that we have earned trust. inflation in serbia returned within the 3±1. 5 % target band without any major tradeoffs in terms of economic activity. this is indicated by economic growth that will, in cumulative terms, exceed the pre - crisis level by more than 18 %. in addition, this year again, and probably in the medium run too, serbia's economic growth will be one of the strongest in europe. 2 / 4 bis - central bankers'speeches financial sector stability has been preserved and the npl ratio now stands at the lowest level on record ( 2. 7 % ). public finances are sustainable, and the country's external position strengthened. the country's fx reserves are at record levels both in terms of their volume and structure. at over eur 28 bn, they cover more than 7 months'worth of the country's imports of goods and services. fdi inflow is also record high. it reached eur 4. 6 bn last year and is forecast to reach a similar level this year as well. for all these reasons, for the first time in its history serbia has been assigned investment grade rating by standard & poor's, which brings us closer to developed economies. another confirmation of the growth and development of our economy is the new threeyear policy coordination instrument, which i expect the imf will approve to serbia in the coming several days. this instrument is granted exclusively to countries with sound economic policies and good prospects, which is the imf's assessment of serbia. his is also in line with our expectations for the future period. more specifically : inflation will continue to move within the target band. we expect economic growth to accelerate additionally to the range of 4 – 5 %, with the central projection of 4. 5 % and a good structure of growth. owing to the maintained investment confidence and favourable financing conditions, fixed fund investment will continue to provide significant support to economic growth. the investment potential comes from corporate profitability in the previous years, as well as from fdis, which represent an important source of transfer of new technologies and productivity growth. an additional impetus will come from the implementation of government capital investments planned by the " leap

into the future – serbia expo 2027 " programme. as a result, in the next two years total investment should exceed 25 % of gdp. favourable and predictable business conditions, the quality of the workforce in serbia, as well as good digital and transport connectivity, provide the conditions for further integration of serbia into value chains with eu countries and for productivity growth. in a world of geopolitical tensions and market fragmentation, serbia is a small economy that can attract investments from all corners of the world, which will also have positive effects on our further growth and development. in conclusion, but no less important, our further progress in the process of european integration, in line with the findings of the imf's analysis, should result in mutual benefits in the form of income growth. the benefit for serbia comes from advancing the structural reform agenda, further strengthening of institutions, and the transfer of knowledge and technologies, while the eu benefits through the additional opening of the single market for goods, capital, and labour. so, let me repeat, we are talking about significant potential for mutual benefits. 3 / 4 bis - central bankers'speeches thank you for your attention. i now give the floor to mr ratnovski to guide us through today's event. 4 / 4 bis - central bankers'speeches