Business News
Brussels calls for additional 200-million-euro loan to Serbia
Oct 8, 2009, 12:04 GMT
Brussels - The European Union's executive Thursday asked member states to lend Serbia an additional 200 million euros (294 million dollar) to help it cope with the global economic crisis.
The loan would be provided in two instalments, tentatively in the second and fourth quarter of 2010, and would be used to 'support the adjustment programme agreed by the Serbian government with the International Monetary Fund to help the country through the global crisis', the European Commission said in a statement.
The commission has already provided 100 million euros in budget support to Serbia, which has had to resort to outside help to cope with the impact of the global financial and economic crisis.
Belgrade has secured IMF assistance worth 3 billion euros.
The Serb economy is forecast to contract by 4 per cent this year, with its budget deficit expected to reach 4.5 per cent of its gross domestic product, ahead of a slow recovery next year.
The additional EU loan of 'up to 200 million euros' would have to be approved by EU ministers.
Serbia is aspiring to become an EU member state.
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