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External Relations | Relations with IMF | Stand-by Arrangement

Stand-by Arrangement

O June 11th 2001 te IMF Executive Board has granted a stand-by loan to the FR Yugoslavia worth 200 million SDR (approximately USD 249 million) as a means to support the Federal Government’s economic programme (Press Release No. 01/31 June 11, 2001).

On that occasion, Mr. Stanley Fisher, First Deputy of the Managing Director and Acting Chairman said:

“The FRY authorities have embarked with impressive speed and commitment on the extremely difficult task of reconstructing their devastated economy. Maintaining this momentum will be key to building broad political support for the reform and securing its sustainability.”

He also stressed that progess toward sustainable growth and external viability would require strong support from creditors and donors and that the Donor Conference on June 29 would provide the international community the opportunity to demonstrate its support by commiting program and project assistance in line with FRY estimated needs.

FR Yugoslavia was immediately granted further 50 million SDR (approx. USD 62 mil). The remaining part will be available in three equal instalments each worth 50 mil. SDR, following the evaluation of the quarterly economic programme performance indicators as was agreed with the IMF.

The results of the stand-by arrangement implementation are monitored quaterly on the basis of the accomplishment of the previously agreed upon quantitative performance criteria (net foreign reserves of the NBY, net domestic assets, borrowings of the consolidated general government from the banking sector, raising of new non-concessional foreign loans by the public sector, and prevention of sccumulation of new arreas under foreign debt servicing), as well as of the structural measures in the fiscal, financial and private sector.

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Second Tranche Under Stand-By Credit to the FRY
Third Tranche Under Stand-By Credit to the FRY
Fourth Tranche Under Stand-By Credit to the FRY and First Tranche under Extended Fund Arrangement