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25. May 2002 |
Annual report of the International Monetary Fund - IMF pleased with Yugoslavia's economic progress
The International Monetary Fund is pleased with the economic progress achieved by the Yugoslav government since Yugoslavia joined the fund in December 2000, the annual report on Yugoslav economy states.
The IMF report emphasizes that the Yugoslav authorities have, with the strong support of the international community, stopped inflation and reestablished economic growth. The IMF announced it would unblock 829 million dollars of credit for the 2002-2005 period, and that 64 million dollars would be available immediately.
According to the IMF report, the fall of Slobodan Milosevic and election of new authorities are among Yugoslavia’s greatest achievements. The IMF also noted the implementation of rapid structural reforms of the fiscal sector, institutions and the judicial system, as well as numerous privatizations and bank rehabilitation. Although budget policy is balanced, the IMF appealed for a more moderate growth of wages, as a large part of recent budget income came from privatization. The IMF asked the Central bank not to fund deficits and strengthen its independence. The IMF welcomed the convertibility of the dinar. (AFP)
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