Business News
IMF disburses 380 million euros from standby loan to Serbia
Jun 29, 2010, 6:43 GMT
Belgrade - The International Monetary Fund (IMF) released the fourth, 380-million-euro (472-million-dollar) tranche from a 2.9-billion-euro standby loan to Serbia, local media said Tuesday.
The IMF executive board released the funds for immediate disbursement after completing the review of Serbia's economic performance in a meeting on Monday in Washington.
'Economic performance continues to be broadly satisfactory, in spite of a weaker macroeconomic environment during the first half of 2010,' the IMF deputy managing director, Murilo Portugal, said.
The IMF, however, warned that 'notwithstanding ... positive developments, Serbia remains vulnerable to adverse financial spillovers from the region.'
Once it draws the latest tranche, Serbia will have used around 1.8 billion euros from the loan, which it sought to soften the impact of last year's economic crisis.
Belgrade and the IMF agreed the original, 15-month, 420-million-dollar credit line in January 2009, but extended it by a year and augmented it to 2.9 billion euros only four months later.
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