IMF to double funding for Bosnia over flooding

  • 2/10/2023
  • 23:49
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SARAJEVO, Sha'ban 1, 1435, May 30, 2014, SPA -- The International Monetary Fund is ready to double funding for Bosnia under its standby loan deal to help it cope with the effects of the worst flooding in living memory, an IMF official told Reuters on Friday. The lender completed a 10-day visit to Bosnia on Friday to discuss its 380 million euro standby arrangement, which was frozen in February after economic reforms stalled, as well as the damage inflicted by the recent flooding. The mission will propose that next month the IMF Executive Board increase the funding for Bosnia from the originally planned 95 million euros to a total of 190 million euro ($260 million), Van Rooden said. He expected the national parliament to pass several outstanding laws next week that would allow the IMF to unfreeze its loan deal. They include a law raising excise taxes on fine cut tobacco, a law against money laundering and subsequent changes to a criminal code. While Bosnia's economy was growing at around 2 percent before the floods, graft and 27.5 percent unemployment have stirred tensions. In February, these erupted in the worst unrest since the end of the 1990s war that broke up Yugoslavia. -- SPA 20:22 LOCAL TIME 17:22 GMT www.spa.gov.sa/w

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