IMF Provides Emergency Aid to YugoslaviaThe International Monetary Fund (IMF) said Wednesday, December 20, that it approved a loan of US$151 million to the Federal Republic of Yugoslavia "under the IMF's policy on emergency post-conflict assistance."The loan would be used to stabilize Yugoslavia's economy and help rebuild administrative capacities, said the IMF. The IMF also said its Executive Board had approved Yugoslavia's succession to the IMF membership of the former Socialist Federal Republic of Yugoslavia, which broke into five countries in the early 1990s. The IMF "welcomed FRY's (Yugoslavia's) succession to membership in the Fund as an important step in its reintegration into the world economy and the international community, which will be of considerable help to the country in addressing its difficult problems," said Stanley Fischer, first deputy managing director of the IMF. "The FRY authorities face the complicated task of stabilizing and reviving a devastated economy after years of regional conflicts," Fischer said. "Against the background of a sharp acceleration of inflation in recent months, the authorities have appropriately focused on the need to prevent financial instability from adding to the difficulty of this task." |
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