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Paris Club approves Serbia-Montenegro 7-month debt repayment break
Belgrade/Paris,
30 June 2005
National Bank of Serbia (NBS) Governor Radovan Jelasic said last night that the Paris Club of creditors had approved Serbia-Montenegro a seven-month break in debt repayment.
According to Jelasic, the Paris Club gave verbal assurances that Serbia-Montenegro will get an additional seven-month hiatus based on the agreement with the International Monetary Fund (IMF).
This means that as of September, Serbia-Montenegro will have to set aside $30 million, instead of $60 million as originally planned, on the condition that the three-year arrangement with the IMF is completed by the end of the year, said Jelasic.
The Paris Club earlier decided to cancel 15 percent of Serbia-Montenegro’s debt and that the country should start paying interest on the reduced capital amount of some $700 million.
As part of the visit to Paris, Jelasic also spoke to representatives of the French Central Bank. It was agreed that a better banking supervision is needed after the arrival of large French banks in the Serbia-Montenegrin market, such as Societe Generale and Credit Agricole.
The governor also asked for assistance in staff training and suggested that the NBS should organise seminars for banking experts from the entire region. The talks also focused on ways to implement a company assessment system that exists in France.
This means that as of September, Serbia-Montenegro will have to set aside $30 million, instead of $60 million as originally planned, on the condition that the three-year arrangement with the IMF is completed by the end of the year, said Jelasic.
The Paris Club earlier decided to cancel 15 percent of Serbia-Montenegro’s debt and that the country should start paying interest on the reduced capital amount of some $700 million.
As part of the visit to Paris, Jelasic also spoke to representatives of the French Central Bank. It was agreed that a better banking supervision is needed after the arrival of large French banks in the Serbia-Montenegrin market, such as Societe Generale and Credit Agricole.
The governor also asked for assistance in staff training and suggested that the NBS should organise seminars for banking experts from the entire region. The talks also focused on ways to implement a company assessment system that exists in France.
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