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Serbia makes second draw from IMF loan

Serbia makes second draw from IMF loan

Serbia has withdrawn an additional (EURO)350 million ($505 million) from a (EURO)2.9 billion emergency loan made available by the International Monetary Fund, the National Bank governor said Tuesday.
Serbia has already drawn (EURO)788 million of the loan agreed with the IMF in March. It can withdraw the remainder in equal installments until April 2011, when the standby deal expires.
National Bank governor Radovan Jelasic said the latest installment is expected be transferred to the account of Serbia's central bank later Tuesday.
The two-year loan was agreed upon in April after Serbia's economy suffered a major blow because of the global meltdown, which halted foreign investment and further diminished the country's already low export rate.
Serbian officials have said they use the money to boost foreign currency reserves. Jelasic said that foreign currency reserve will now reach (EURO)10.5 billion.
Serbia has pledged to implement key policy measures such as cutting government payrolls and freezing public sector pensions and salaries.
Ukraine, Nigeria, Pakistan, Sri Lanka, Mexico, Iceland, Belarus and two EU nations _ Hungary and Latvia _ have also sought IMF help because of the economic downturn.


Updated : 2021-04-12 15:12 GMT+08:00