The International Monetary Fund (IMF) said it has delayed release of the second tranche of the loan as part of the three-year agreement with Bosnia and Herzegovina, because government failed to meet the required reforms.
“We do not expect the formal completion of the first review in February because there are delays in the completion of previous action,” said Francisco Parodi, IMF resident representative in BiH.
In September last year, the IMF approved a three-year 553.3 million € (594.8 million $) worth of credit for Bosnia and Herzegovina to support the program of economic reforms in the country. Decision of the Executive Board would allow immediate disbursement of around 79.2 million Euros, while the rest, which would be available in 11 installments, would be subject of quarterly reviews.
Due to lack of IMF resources, BiH authorities turned to bond auctions in order to meet their obligations, seenews.com reports.
