IMF to extend USD 187.1mn to Bosnia under stand-by agreement.

By bne IntelliNews October 18, 2010
The IMF executive board completed the second and third reviews of Bosnia's performance under the 3-year stand-by agreement for USD 1.57bn (KM 2.2bn), the IMF said on its website. The completion of the two reviews thus enables the immediate disbursement of USD 187.1mn (KM 259.7mn) to the country. Authorities intend to draw some USD 53.4mn of the approved disbursement - two-thirds of the money will be allocated to the Federation entity and one-third - to the Serb entity, in support of their budgets. The executive board also approved the request for a waiver of non-observance of the continuous performance criterion on the accumulation of domestic payment arrears and a waiver of applicability of the end-September 2010 performance criterion on the net bank credit to the government. The IMF acknowledged the progress in implementing fiscal restraint in addressing the larger imbalances accumulated during the past years and in putting into effect the needed structural fiscal reforms amidst the challenging economic and political environment. The institution called for a strong political will of the new government to push forward the structural reforms in order to ensure fiscal and external sustainability with a view to creating the preconditions for a strong and sustainable economic growth. A new IMF mission is to visit Bosnia between Nov 5-11, when the draft budget for 2011 is going to be discussed.

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