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European Commission approves €100m assistance to Serbia
Brussels/Belgrade,
31 July 2009
The European Commission today approved a €100 million assistance to Serbia as general budget support to help stabilise the country and ease the economic and social consequences of the crisis.
According to the European Commission’s report the Serbian budget deficit has been growing rapidly due to the current crisis, therefore a programme for macro economic stability supported by the IMF and the World Bank was established.
The €100 million will be allocated from the Instrument of Pre-accession (IPA) budget in two installments, each worth € 50 million, in the autumn of 2009 and in the first half of 2010.
In order to receive the money, Serbia will have to consistently implement the IMF programme and fulfill all the European Commission’s preconditions.
EU Enlargement Commissioner Olli Rehn pointed to the importance of the loan for the continuation of reforms needed for Serbia’s EU integration.
The European Commission has also granted a €85 million loan to Western Balkan countries and Turkey in order to assist these countries in tackling their current economic difficulties.
The €85 million loan is part of the overall Crisis Response Package for the Western Balkans that should total €150 million in Commission grants and €600 million in loans from partner international financial institutions, such as the European Investment Bank and the European Bank for Reconstruction and Development.
The financial crisis response package for Bosnia and Herzegovina of €39 million will be adopted in the coming days, concludes the statement.
The €100 million will be allocated from the Instrument of Pre-accession (IPA) budget in two installments, each worth € 50 million, in the autumn of 2009 and in the first half of 2010.
In order to receive the money, Serbia will have to consistently implement the IMF programme and fulfill all the European Commission’s preconditions.
EU Enlargement Commissioner Olli Rehn pointed to the importance of the loan for the continuation of reforms needed for Serbia’s EU integration.
The European Commission has also granted a €85 million loan to Western Balkan countries and Turkey in order to assist these countries in tackling their current economic difficulties.
The €85 million loan is part of the overall Crisis Response Package for the Western Balkans that should total €150 million in Commission grants and €600 million in loans from partner international financial institutions, such as the European Investment Bank and the European Bank for Reconstruction and Development.
The financial crisis response package for Bosnia and Herzegovina of €39 million will be adopted in the coming days, concludes the statement.
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