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World Bank approves new credit arrangement
Belgrade,
17 December 2004
Serbian Minister of Finance Mladjan Dinkic said today that the World Bank (WB) Board of Executive Directors has approved a new three-year credit arrangement to Serbia-Montenegro in the amount of $550 million as well as an additional $45 million loan to Serbia.
After six months of negotiations, the WB approved last night a new three-year loan to Serbia-Montenegro, $225 million of which was approved under IDA terms, with a 20-year maturity, while $325 million was under IBRD terms, Dinkic told a press conference at Belgrade’s Hypo Alpe-Adria Bank.
He added that around 60 percent of the $550 million loan will be used for structural adjustment, while the remaining 40 percent will be invested.
According to him, the $45 million loan is the WB’s third loan to Serbia and will be used to cover the budget deficit. The agreement should be approved by the Serbian parliament on December 29, he added.
He added that around 60 percent of the $550 million loan will be used for structural adjustment, while the remaining 40 percent will be invested.
According to him, the $45 million loan is the WB’s third loan to Serbia and will be used to cover the budget deficit. The agreement should be approved by the Serbian parliament on December 29, he added.
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