The IMF’s executive board has completed the third review of Bosnia’s two-year stand-by arrangement, enabling a disbursement of some EUR 38.9mn, the Fund said on June 28. This brings the total disbursements under the deal to EUR 194.4mn, considering the full size of the arrangement is around EUR 390mn.
The IMF specified the executive board completed the latest review on a lapse-of-time basis – the board usually takes decisions under such procedures when it is agreed that a proposal can be considered without convening formal discussions.
The Fund also said that the stand-by agreement is on track and all end-March performance criteria were met. However, there were not enough data for the assessment of the non-accumulation of domestic arrears by the governments of Bosnia’s two entities – the Federation and the Serb Republic, because of delays in the reporting by lower government levels. Still, as there were no signs this criterion was not met, the IMF board approved a waiver of applicability.
“The economy is showing tentative signs of recovery and modest growth of 0.5 percent continues to be projected for 2013,” the statement read. “External and domestic risks to the growth outlook, however, while reduced, remain substantial.”
The Fund pointed as well that Bosnia continued to make progress in implementing reforms to strengthen public financial management and tax administration and support the stability of the financial sector.
The IMF approved the 24-month loan facility to Bosnia at end-September 2012, aiming to help the Balkan country cope with a deteriorating external environment and address structural weaknesses at home.
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