ZAGREB, March 8 (Hina) - Croatia did not meet many conditions form the present stand-by arrangement, notably the one regarding the level of the budgetary deficit which totalled 5.5 percent of Gross Domestic Product, which is one
percent more than foreseen in the arrangement. the International Monetary Fund's resident representative in Croatia, John Norregaard, said Monday.
ZAGREB, March 8 (Hina) - Croatia did not meet many conditions form the
present stand-by arrangement, notably the one regarding the level of
the budgetary deficit which totalled 5.5 percent of Gross Domestic
Product, which is one percent more than foreseen in the arrangement.
the International Monetary Fund's resident representative in Croatia,
John Norregaard, said Monday.#L#
Foreign currency reserves were US170 million less than planned by the
arrangement. Conditions regarding net domestic assets, which is the
responsibility of the Croatian National bank, also have not been met,
Norregaard said in the Croatian Finance Ministry.
According to him, the Croatian government had two possibilities --
leave the programme from the old arrangement and concentrate on
negotiations on the new arrangement or take some specific measures.
It seems that the government will decide to withdraw from the old deal
and concentrate on negotiations on the new deal with the IMF -- a firm
agreement which focuses on further fiscal adjustments, Norregaard
said.
(Hina) it sb