Bosnia Will Get $275 Million From IMF, EU After Budget Cuts, Kozaric Says

Bosnia-Herzegovina will trim its budget gap to qualify for 214 million euros ($275 million) in international loans to ensure financing for the nation most ravaged by the Yugoslav civil war, central bank chief Kemal Kozaric said.
The government plans budget cuts that will bring the shortfall down to 3.5 percent of economic output, in line with a demand by the International Monetary Fund, which in 2010 agreed to a 1.2 billion-euro loan for the Balkan nation, Governor Kozaric said. The moves will allow for a 38 million-euro installment by the end of the month, he said.
“The tranche is important because it’s tied to 100 million euros of funds from the European Commission as well as some $100 million for the Bosnian corporate sector from the World Bank,” Kozaric said while attending a conference in the Slovenian resort town of Bled.

News source: Bloomberg link: article