World Bank: Reforms needed for new loan
The World Bank says that it could approve Serbia a new loan in the fall provided the state implements all the necessary reforms.
Tuesday, 14.07.2009.
11:56
The World Bank says that it could approve Serbia a new loan in the fall provided the state implements all the necessary reforms. The World Bank and Serbia signed a loan agreement for the construction of the Corridor 10 highway on Monday, worth USD 388mn. World Bank: Reforms needed for new loan This investment loan will be paid off by Serbia over 20 years, with a grace period of eight years and an interest rate of 1.33 percent per annum. At the same time, the head of the World Bank office in Serbia, Simon Gray, said that an additional loan could be given to Serbia in the fall. The World Bank has rubber-stamped loans worth USD 50mn to Serbia so far this year, while the new loan is worth USD 200mn. However, the bank will only approve this loan if the necessary reforms are implemented. “For support to the private sector, the condition is cutting the time needed to start up businesses, obtain planning permission and improve the expediency of receivership procedures,” Gray explained. “Regarding the public sector, the conditions relate to adoption of a budget law in order to encourage a more transparent and internationally-based accounting system to be applied in the Serbian budget,” he added. Gray also expects improvements to the public purchasing system and the strengthening of the State Auditing Institution.
World Bank: Reforms needed for new loan
This investment loan will be paid off by Serbia over 20 years, with a grace period of eight years and an interest rate of 1.33 percent per annum.At the same time, the head of the World Bank office in Serbia, Simon Gray, said that an additional loan could be given to Serbia in the fall.
The World Bank has rubber-stamped loans worth USD 50mn to Serbia so far this year, while the new loan is worth USD 200mn.
However, the bank will only approve this loan if the necessary reforms are implemented.
“For support to the private sector, the condition is cutting the time needed to start up businesses, obtain planning permission and improve the expediency of receivership procedures,” Gray explained.
“Regarding the public sector, the conditions relate to adoption of a budget law in order to encourage a more transparent and internationally-based accounting system to be applied in the Serbian budget,” he added.
Gray also expects improvements to the public purchasing system and the strengthening of the State Auditing Institution.
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