Q:
A:
€33.25 million credit for Serbia’s small and medium sized business
Belgrade,
16 December 2004
Serbian Minister of Economy Predrag Bubalo said today that the Serbian government has given assent for signing an agreement on a loan worth €33.25 million the Italian government has approved towards crediting Serbia’s small and medium sized enterprises.
Predrag Bubalo at today's press conference
Bubalo told a press conference that the repayment period for the loan will be 17 years, with a grace period of five years and an annual interest of one percent.
Bubalo also said that the Serbian government and the EU will initial an agreement next week to allow for duty-free imports of Serbian textiles to the EU.
Serbia, for its part, must liberalise textile imports from the EU by 2008, Bubalo added.
According to Bubalo, the IMF board of directors last night green lighted the release of a new $95.6 million tranche of a loan to Serbia-Montenegro.
Bubalo stressed that the IMF approved the new tranche of a stand-by arrangement within the fourth revision of Serbia-Montenegro’s spending of the budget and macroeconomic assistance, adding that hard currency reserves of the National Bank of Serbia (NBS) topped $4 billion yesterday, amounting to $4.006 billion excluding the new tranche of the IMF credit.
He said that the IMF board should also decide to approve a $540 million loan for structural adjustment that would be released in several instalments over the next three years, under IDA terms.
Bubalo stressed that these decisions by international financial institutions illustrate to what extent the Serbian government is reform-orientated.
Bubalo also said that the Serbian government and the EU will initial an agreement next week to allow for duty-free imports of Serbian textiles to the EU.
Serbia, for its part, must liberalise textile imports from the EU by 2008, Bubalo added.
According to Bubalo, the IMF board of directors last night green lighted the release of a new $95.6 million tranche of a loan to Serbia-Montenegro.
Bubalo stressed that the IMF approved the new tranche of a stand-by arrangement within the fourth revision of Serbia-Montenegro’s spending of the budget and macroeconomic assistance, adding that hard currency reserves of the National Bank of Serbia (NBS) topped $4 billion yesterday, amounting to $4.006 billion excluding the new tranche of the IMF credit.
He said that the IMF board should also decide to approve a $540 million loan for structural adjustment that would be released in several instalments over the next three years, under IDA terms.
Bubalo stressed that these decisions by international financial institutions illustrate to what extent the Serbian government is reform-orientated.
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