IMF brings positive decision on three-year agreement with SCG

The Board of Directors of the International Monetary Fund (IMF) last night brought a positive decision on concluding its three-year arrangement with Serbia-Montenegro which is worth $937 million, allowing a debt of $700 million to be written off.

Serbian Minister of Finance Mladjan Dinkic confirmed in a statement to the news agency Tanjug that he had received the news on the write-off from the IMF seat in Washington, and added that this is a big day for the Serbian economy.

Dinkic said that the successfully concluded arrangement with IMF will allow for a write-off of the $700 million debt to the Paris Club of Creditors, and with that an entire phase of cooperation with the IMF has come successfully to end which is envisaged for post-conflict situations and countries in transition.

Dinkic said that the Serbian government will soon begin talks with the IMF on a new arrangement.