Serbia is undergoing a series of unprecedented financial reforms in a bid to tackle its high unemployment rate, weak economic growth, and looming debt refinancing obligations.

Speaking exclusively to IBTimes TV, the Serbia's Finance Minister Lazar Krstic outlined how the country is not on the brink of bankruptcy and the reforms covers the needs for region meeting its debt refinancing obligations.

Public debt has grown to more than 60% of GDP by the end of 2012, from 33% of GDP in 2008.

In 2012, the International Monetary Fund warned that the budget deficit could reach 8.3% by the end of this year without strict austerity reforms.

Meanwhile, the unemployment rate hovers around 25% and economic growth has been weak since the onset of the credit crisis.

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