Serbia close to agree USD 300mn budget financing from Russia.

By bne IntelliNews September 5, 2012
Serbia and Russia are close to agree on a USD 300mn loan that would go to support the Balkan country's budget, Serb mining minister Milan Bacevic told news agency Tanjug after meeting his Russian counterpart in Moscow on Sept 4. The funding could be withdrawn by mid-December, Bacevic said. According to him, Serbia has asked Russia for another loan that would be used to finance next year's budget spending and the possibility to receive a positive answer in this respect is very high. Last month, Tanjug quoted the Russian ambassador to Serbia, Alexander Konuzin, as saying that Serbia can count on an additional financial support from Russia, apart from the agreed USD 800mn loan for the Serbian railways operator. Serbia has pledged to use the USD 800mn loan to finance exclusively the railway sector development, as agreed, and not to redirect funds to finance fiscal spending.

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