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The Government of the Republic of Serbia

In the service of citizens

Italy writes off €96 mln of Serbian debt

Belgrade, 4 December 2006

Serbian Minister of International Economic Relations Milan Parivodic said that the Italian government has written off today part of Serbia’s debt to the Paris Club of creditors in the amount of €96 million.

Milan Parivodic (1st left), Famiano Crucianelli (3rd left) and Igor Luksic (1st right)

Author: Fonet

A trilateral agreement on write-off of Serbia and Montenegro’s debt was signed today in the Italian embassy to Belgrade by Minister Parivodic, State Undersecretary of the Italian Foreign Ministry Famiano Crucianelli and Montenegrin Minister of Finance Igor Luksic.

After the signing, Parivodic said that a €96 million debt write-off is 54% of total debt, noting that the remaining €79 million of debt, or €61 million of commercial loans and €18 million of assistance loans, has been rescheduled until 2041.

Serbia’s debt to Italy makes up 5% of the total debt to the Paris Club of creditors.

Italy is the last country with which Serbia has reached an agreement on a debt write-off, thus fulfilling the agreement from 2001 between the former Federal Republic of Yugoslavia and the Paris Club of creditors on a write-off of 66% of debt, in the amount of $ 4.6 billion.

Bilateral negotiations were conducted on the basis of that document with member countries of the Paris Club of creditors, which resulted in the signing of agreements with 16 countries.