IMF mission starts regular Article IV visit to Croatia

By bne IntelliNews February 21, 2014

An IMF mission arrived on a 12-day Article IV mission in Croatia on February 20, the Croat central bank said.

The aim of the visit is to look closer into the current economic, financial and social conditions in the Adriatic country and to estimate the future trends, the consolidation of the public finances, the progression of structural reforms and the state of the banking system, the central bank said in a statement.

In December 2013, local economists said that Croatia should consider an IMF arrangement once it enters the EU's excessive deficit procedure, under which the government has to reduce the deficit to 2.7% of GDP in 2016 from the current 5.0% of GDP.

Yet, central bank governor Boris Vujcic said in January Croatia does not need the financial support of international lenders like the IMF and the EU. According to him, asking for international support is always an option but is not in the plans of the Croatian authorities for the time being.

Croatia ended a fifth consecutive year of recession in 2013. 

Related Articles

Croatia reportedly receives just one bid to lease capacity at planned LNG terminal

LNG Hrvatska has reportedly received just one binding offer to lease capacity at the planned planned liquefied natural gas (LNG) terminal on the Croatian island of Krk, unnamed sources ... more

London court to consider extradition of Agrokor founder

The owner of Croatia’s heavily indebted food and retail giant Agrokor, Ivica Todoric, will appear in a London court on April 10 in connection with Croatia’s extradition request, Total Croatia ... more

Croatia greenlights €1.8bn debt restructuring of road management companies

The Croatian government decided on March 29 to offer state guarantees for loans worth €1.8bn that road management firms will take out to refinance their debt, and announced further financial ... more

Dismiss