Connect with us

Hi, what are you looking for?


IMF launches talks with crisis hit Bosnia

SARAJEVO, April 14 – The International Monetary Fund said it began talks on Tuesday with Bosnian officials on a standby loan to help the Balkan country deal with the global economic crisis.

An IMF delegation headed by Costas Christou was in the northwestern Bosnian town of Banja Luka at the start of a three-week visit, the IMF\’s office in Sarajevo said.

Fund representatives were to hold a series of meetings on technical issues before starting negotiations on the loan in the final week of April, IMF official Sanela Teskeredzic said.

Bosnia is seeking a standby loan of at least one billion euros (1.3 billion dollars) to bridge a budget deficit and stabilise the ex-Yugoslav republic\’s economy.

Central bank governor Kemal Kozaric said earlier this month that Bosnia was on the verge of entering into a recession on the basis of economic indicators from the first two months of 2009.

The IMF has repeatedly stated it is ready to assist Bosnia, but the country had been reluctant to ask for help as any deal would depend on unpopular spending cuts.

Bosnia, whose economy is still recovering from its devastating 1992-1995 war, has not had a formal relationship with IMF since it had two standby loans totalling around 180 million euros in arrangements that ended in 2004.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...