IMF to vote on USD 500mn stand-by loan for Bosnia on Sept 24.

By bne IntelliNews August 29, 2012
The IMF board of directors will discuss on Bosnias letter of intent regarding a recently agreed two-year stand-by loan facility worth USD 500mn on September 24, Bosnias Serb Republic PM Aleksandar Dzombic was quoted as saying by news service Capital.ba. If the board approves the agreement, the first tranche is expected to flow to Bosnia within ten days and a second one to follow in the first half of December, Dzombic told reporters. He added the Republics government has asked the entitys parliament to schedule an extraordinary session on September 4 in order to vote on this years budget reshuffle, which is an obligation on the IMF loan agreement. The IMF said in July it reached an agreement with Bosnian authorities on an economic programme that will be supported by the USD 500mn funding deal. The country should, however, implement a number of agreed measures before the date of the IMF board meeting, which include revisions of the budgets of Bosnias two entities the Serb Republic and the Federation. The agreed programme is designed to reduce the domestic vulnerabilities in the country and help it soften the effects of the worsening external environment. It should support Bosnias economic policy coordination and fiscal discipline, safeguard its financial sector and improve the business conditions. Bosnia failed to meet the conditions to unfreeze its earlier EUR 1.1bn stand-by deal with the IMF signed in July 2009. The Balkan state, which is divided into the self-governing Federation and Serb Republic, managed to withdraw only a third of the funds.

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