WASHINGTON, Feb 5 (Reuters) - Serbia's economy is expected to grow by 6 percent this year due in part to a tight fiscal policy, according to a report from the International Monetary Fund released on Tuesday.

The report from the IMF executive board noted "robust growth with moderate inflation in 2007" but warned about the dangers of higher wages, credit growth and expanding fiscal policies.

"Imbalances have increased, the current account deficit has widened, private external debt has rapidly accumulated, and vulnerabilities have risen," the report states.

Several IMF directors concluded that loose fiscal and tight monetary policies have contributed to an overvalued exchange rate.

"External imbalances are likely to persist, with a continuing large current account deficit and rising external debt," the report states.

The report projects real GDP growth of 6.0 percent this year compared to 7.0 percent in 2007.

(Reporting by Patrick Rucker; Editing by Diane Craft)