ZAGREB, June 12 (Hina) - The Croatian Finance Ministry on Thursday
denied allegations by some international media and officials that credit
allocation by international financial institutions to Croatia was
politically conditioned.
"The positive results of programmes of domestic economic and
financial stabilization, started by the Republic of Croatia, and
subsequently supported by international partner financial institutions
(International Monetary Fund, World Bank, European Bank for
Reconstruction and Development), have contributed to a greater trust in
the Republic of Croatia and its economic and financial factors in
cooperating with the world. Significant pre-conditions have been created
and the doors opened to a successful business linking of domestic with
international subjects in line with mutual interest", the statement
said.
"Lately however, in some instances incorrect information has
appeared in foreign media and statements by some high officials, while
the allocation of certain credits to beneficiaries in the Republic of
Croatia has distortedly been linked with political events", the
statement further said.
On 9 June 1997, the International Financial Corporation (a World
Bank affiliation, in which the U.S. has majority part-ownership)
allocated a 20 million-German mark credit for a new investment into the
"T.C. Koromacno" private company, mainly in foreign ownership.
In assessing the justifiability of this private investment, the
principal motive was, according to the statement, a "good and successful
private company, a profitable investment in the Republic of Croatia,
which has created a very successful macroeconomic stability programme
after the disintegration of the former Yugoslavia, and where the three
percent inflation is lower than elsewhere in Europe."
Croatia has supported this private investment and wishes a
successful development of cooperation with the IFC. The allocation of
such credits is not conditioned either by political criteria or by
imposing some non-economic conditions, the statement said.
These institutions have frequently cited Croatia as an example of a
stable and successful country, which also reflects on the increase of
private investments into its economy, the statement by the Croatian
Finance Ministry concluded.
(hina) ha jn
122130 MET jun 97
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