The London Club has agreed to write off more than half of Serbia's $2.8 billion debt to the group and reschedule payments on the remainder over the next 20 years
Published:
3 July 2004 y., Saturday
The London Club has agreed to write off more than half of Serbia's $2.8 billion debt to the group and reschedule payments on the remainder over the next 20 years, the government said Friday.
Finance Minister Mladjan Dinkic said the interest rate for the remaining debt of $1.08 billion would be an annual 3.75 percent over the first five years, and 6.75 percent for the following 15 years.
"This is a huge relief for our economy," Dinkic said in announcing the write-off of about $1.7 billion in debt.
The deal with the group of commercial lenders came nearly three years after Serbia-Montenegro, the Balkan union formerly known as Yugoslavia, agreed with the Paris Club of sovereign lenders to slash the $4.4 billion owed by the country by 66 percent. The Paris Club, a 19-nation group, deals with loans underwritten by state guarantees.
But negotiations with the commercial lenders of the London Club were much tougher, Dinkic said, because Serbia insisted "on conditions it could endure." The London Club's initial offer was only a 20 percent write-off.
Šaltinis:
iwpr.net
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The EBRD is increasing the availability of financing to the real economy in Hungary, with a €50 million credit line to CIB Bank, including at least €10 million equivalent denominated in Hungarian Forint.
more »
At the end of March 2010, AB Bank SNORAS deposit portfolio exceeded LTL 5 billion, of which over LTL 3 billion are household deposits.
more »
In affirmation of Vietnam’s remarkable progress towards Middle Income Country status, the World Bank Board of Directors today approved a second loan for Vietnam from the International Bank of Reconstruction and Development (IBRD).
more »
The World Bank today approved a EUR26 million loan to the Republic of Croatia aimed at further improving the efficiency of Croatia’s justice system − a necessary process in Croatia’s path towards successful European Union accession.
more »
The ACP-EU Joint Parliamentary Assembly asked the European Commission to help EU and ACP banana producers adapt to the new EU-Latin America trade agreement, which is expected to put an end to fifteen years of “banana wars” between the two continents, but has raised concerns for the livelihood of some regions' producers.
more »
As seventeen of Africa’s 53 nations celebrate 50 years of independence in 2010, Africa’s “golden moment has come” and investors around the globe must look to the continent often painted only as risk-prone if they are to capitalize on business opportunities.
more »
During the ordinary general shareholders’ meeting of AB Bank SNORAS, which took place on 31st March 2010, the bank’s profit distribution was approved.
more »
The EU is the world's largest economy, with enough international clout to return to "real capitalism" rather than resign itself to an alien "financial capitalism", concluded MEPs and experts at a public hearing held on Thursday by Parliament's special committee on the crisis.
more »
Food quality and labelling are likely to be key issues when the Common Agriculture Policy is overhauled in the coming years.
more »
The European Investment Bank (EIB) is lending EUR 250 million to Russian company Enel OGK-5 to finance the upgrading of a gas fired power plant located in Nevinnomyssk, South Russia.
more »