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
President of the Republic of Lithuania Dalia Grybauskaitė welcomed the decision taken by the U.S. Government to transport shipments for the international mission in Afghanistan by transit via the Klaipėda Seaport.
more »
EU Solidarity Fund aid to repair storm damage in France and Portugal was approved by the Budgets Committee on Thursday.
more »
The European Investment Bank and the Government of Samoa formally agreed to support the rehabilitation and upgrade of independent water schemes in the Pacific island state under a EUR 250,000 technical assistance programme.
more »
Steps to overhaul the European Union's flagship single market were discussed on Tuesday (9 November) by MEPs and interested parties.
more »
Strategy to secure a sustainable EU energy supply and support economic growth over the next decade.
more »
EU funding to help 850 former workers in the aircraft maintenance industry around Dublin find new jobs was approved by the European Parliament on Thursday.
more »
Saffron farmers in western Afghanistan hope to oust opium as a harvest crop.
more »
The European Commission has approved an application from Poland for assistance from the European Globalisation adjustment Fund (EGF).
more »
New plans for EU industry to create jobs while keeping manufacturing in Europe.
more »
The European Commission has approved two applications from Spain for assistance from the EU Globalisation Adjustment Fund (EGF).
more »