Bosnia to get EUR405 mln stand-by loan from IMF
2012-09-27 10:46:05
The International Monetary Fund (IMF) has approved a stand-by loan of around EUR405.3 million for Bosnia and Herzegovina in support of the government's economic program for 2012-14.
A report from the IMF Thursday said that initially a disbursement of about EUR60.8 million will be made, with the remaining amount to be phased in over the duration of the arrangement, subject to successful completion of quarterly reviews.
Bosnia's economic program for the 2012-2014 period aims at countering the effects of the worsening external environment and addressing domestic structural weaknesses.
"In recent months, Bosnia and Herzegovina's economic recovery has been losing momentum and risks to the outlook have tilted to the downside," Nemat Shafik, IMF Deputy Managing Director and Acting Chair, said.
"In this context, the authorities' comprehensive economic program for the period ahead is timely and welcome."