ZAGREB, March 5 (Hina) - The International Monetary Fund welcomes the intention of the Croatian authorities to successfully complete the present stand-by arrangement which expires in several weeks, and to request a successor stand-by
arrangement (SBA), the IMF said in a statement on Friday,
ZAGREB, March 5 (Hina) - The International Monetary Fund welcomes the
intention of the Croatian authorities to successfully complete the
present stand-by arrangement which expires in several weeks, and to
request a successor stand-by arrangement (SBA), the IMF said in a
statement on Friday,#L#
Negotiations on the new stand-by arrangement should start in mid
April.
"We are pleased that the government and the national bank find that an
SBA is helpful in supporting the implementation of sound economic
policies in Croatia. Croatia is facing serious macroeconomic
challenges, reflected first and foremost in the high foreign debt,
which has continued to increase. Croatia also faces the bigger
challenge of preparing for EU entry. We stand ready to assist the
authorities in addressing these challenges," the statement signed by
IMF Resident Representative in Croatia John Norregaard, said.
Norregaard said an IMF team would arrive in Croatia in mid April to
begin negotiations on the new arrangement. Strong fiscal adjustment
would be a focal point of the talks, he added.
(Hina) it sb