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BiH will receive 300m euros from IMF, but it has nothing to do with the loan

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SARAJEVO, June 16 (FENA) - Resident Representative of the International Monetary Fund (IMF) in Bosnia and Herzegovina Andrew Jewell denied allegations by Republika Srpska Prime Minister Radovan Višković that BiH would receive a loan from the International Monetary Fund on the most favorable terms, without any reforms.
 
Višković said that the outgoing Head of the IMF Mission for BiH, Martin Petri, told him that this institution was ready to give BiH 300 million euros in September without any initial conditions.
 
“It is true, however, that BiH will receive that amount of money from the IMF, but that has nothing to do with the loan or what Višković is talking about. The IMF has set aside 650 billion US dollars of general SDR allocation for all its members, 190 of them, to support the reserves and liquidity of those countries. The amounts to which a state is entitled are calculated on the basis of quotas, so the quota for BiH is 0.06 percent or 300 million euros,” Jewell explained in an interview for today's "Oslobodjenje".
 
He further stated that the 300 million euros mentioned by Višković refers to something called the general allocation of SDR. In the context of the global pandemic, an environment is being created that will enable the allocation of a new 650 billion US dollars of general SDR allocation to support reserves and liquidity of all member countries of the IMF. The allocation will help member states receive funding to support reserves or to purchase vaccines and support economic recovery.
 
“The official proposal is currently being prepared and could become effective later this year, possibly at the end of August. According to this proposal, BiH should receive about 300m euros,” Jewell told Oslobodjenje.

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