IMF approves 553 million-euro loan arrangement for Bosnia


The International Monetary Fund said its executive board on Wednesday approved a three-year extended loan arrangement for Bosnia worth about 553.3 million euros ($619.7 million) to support the country's economic reform agenda.

The decision will enable immediate disbursement of about 79.2 million euros ($88.7 million), the IMF said, with the rest available in 11 installments subject to quarterly reviews.

The extended fund facility deal was initially agreed in May by IMF staff and authorities of Bosnia's multiple governments in May.

The deal carried a 4.5-year grace period in exchange for a set of structural reforms and measures to safeguard financial stability.

The program will replace a 33-month, $720 million program which expired in June 2015 after the IMF froze it because of delays to pledged reforms by the government.