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06. December 2002 |
Yugoslavia fears budget delays could slow IMF aid
BELGRADE - Delays in drawing up the budget of the state union to replace Yugoslavia could slow down approval of a loan tranche from the International Monetary Fund, the federation's finance minister said on Friday.
"We will have a huge problem with the IMF because there is no constitutional charter, no budget and we will have to resort to temporary financing," acting Finance Minister Veroljub Dugalic told a news conference.
During talks in November with Yugoslav, Serbian and Montenegrin officials on the ongoing $869 million three-year financial facility, IMF officials told local authorities to speed up the adoption of the constitution and agree the budgets.
On January 8, the IMF board of directors is due to discuss the approval of the next $67 million loan tranche. IMF officials have already said the IMF board will meet to consider releasing the tranche only if the constitution is passed.
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