IMF granted additional 65m USD to Serbia

- International Monetary Fund (IMF) granted additional 65m USD to Serbia today (September 9, 2009), based on the increased quota for all countries-members - the National Bank of Serbia (NBS) announced.

With 542m USD granted on August 28th, there will be total of about 607m USD on Serbia's account in IMF.

IMF's additional aid for the members is provided on the basis of the increased quota of the Fund with the aim of alleviating consequences of the economic crisis - total of 33 billion USD, while about 250 billion USD were granted last month.

According to NBS, the members of IMF can exchange that money into convertible currencies through IMF, and use it for all international payments, repayment of foreign debts, or settlement of the state's financial obligations towards IMF.

Such loan usually serves to increase foreign currency reserves of the country, and it is granted under very favorable terms, with variable interest rate that currently amounts to 0.29% of annual basis.

That type of IMF's loan does not have the same terms as regular finance arrangements with that institution, one of which was granted to Serbia in May 2009 in amount of 2.9 billion EUR.