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04. October 2002 |
Debt write-off signals normal trade relations with US
BELGRADE - Yugoslav Foreign Minister Goran Svilanovic and the US Ambassador to Belgrade William Montgomery have signed an agreement to write off some of the 355 million dollars Yugoslavia owes to the Unites States.
The agreement, which was made as part of the restructuring of Paris Club debts last year will reduce the total debt to America by 66 percent.
The impact on Yugoslavia will be noticed Svilanovic said: "We no longer owe this money, so Yugoslavia's credit worthiness has
increased. This means we can start getting necessary loans and we can finally manage our debts."
The Foreign Minister also mentioned that the US Congress is to adopt the law on normalizing trade relations with Yugoslavia at the beginning of next week.
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