IMF approves $520 million loan to Bosnia

The International Monetary Fund (IMF) has approved a $520 million two-year loan to Bosnia and Herzegovina in support of the government's economic reform program. The program aims at countering the effects of the worsening external environment and addressing domestic structural weaknesses, said an IMF statement released Thursday. "In recent months, Bosnia and Herzegovina’s economic recovery has been losing momentum and risks to the outlook have tilted to the downside. In this context, the authorities’ comprehensive economic program for the period ahead is timely and welcome," IMF Deputy Managing Director and Acting Chair Nemat Shafik said. The Board’s decision enables the initial disbursement of $78.1 million, with the remaining amount to be phased in over the duration of the arrangement, subject to successful completion of quarterly reviews.