IMF Reaches Agreement With Bosnia on 550Mln Euro Assistance Package

The International Monetary Fund (IMF) reached an agreement with the authorities of Bosnia and Herzegovina on an economic program of the country, according to IMF head of mission Nadeem Ilahi.

WASHINGTON (Sputnik) — The International Monetary Fund (IMF) reached an agreement with the government of Bosnia and Herzegovina (BiH) on a reform program package worth 550 million euro, IMF head of mission Nadeem Ilahi said in a press release on Tuesday.

"IMF staff and the BiH authorities have reached agreement, subject to approval by the IMF Executive Board, on an economic program to be supported by a 36-month SDR 443.04 million (about €550 million or 262 percent of quota) Extended Fund Facility," the release stated.

The IMF Board of Directors will consider approval of the package in July, according to the release.

The economic reforms program suggested by the IMF will focus on improving the business environment in the country as well as achieving gradual fiscal consolidation and protecting financial stability, the release explained.

Bosnia and Herzegovina’s GDP is expected to increase by 2.6 percent in 2016, and reach 3.1 percent in 2017, according to the World Bank.