IMF halts support to Kosovo's budget

International financial institutions have put Kosovo on the list of irresponsible governments, announcing that the support to Kosovo's budget will be stopped.

Izvor: Tanjug

Wednesday, 01.06.2011.

12:56

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International financial institutions have put Kosovo on the list of irresponsible governments, announcing that the support to Kosovo's budget will be stopped. "According to preliminary calculations, Kosovo will lose at least EUR 144mn. If it does not manage to cut spending by the same amount by the end of the year, Kosovo should declare a complete economic crisis in 2012," said reports in Albanian language media in Pristina. IMF halts support to Kosovo's budget The termination of a stand-by signed last summer with the International Monetary Fund (IMF) will deprive PM Hashim Thacim's government of nearly EUR 150mn in donations and favorable loans from international financial organizations, namely the IMF, the World Bank and the European Commission. The funds were supposed to bridge this year's EUR 226mn budget deficit. "After a control which lasted several days, IMF representatives disapproved of big spending on salaries and wages, construction of new housing and highways, all planned in Kosovo's budget," said reports. "Cutting spending is the only way for Kosovo to prevent an economic crisis next year," media concluded. The expulsion of Kosovo is a rare example of the IMF excluding a government from its programs, said the papers.

IMF halts support to Kosovo's budget

The termination of a stand-by signed last summer with the International Monetary Fund (IMF) will deprive PM Hashim Thacim's government of nearly EUR 150mn in donations and favorable loans from international financial organizations, namely the IMF, the World Bank and the European Commission.

The funds were supposed to bridge this year's EUR 226mn budget deficit.

"After a control which lasted several days, IMF representatives disapproved of big spending on salaries and wages, construction of new housing and highways, all planned in Kosovo's budget," said reports.

"Cutting spending is the only way for Kosovo to prevent an economic crisis next year," media concluded.

The expulsion of Kosovo is a rare example of the IMF excluding a government from its programs, said the papers.

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