03/06/2011
Budget elements have caused the IMF to end its arrangement with Kosovo. Also in business news: Serbs are the least indebted consumers in Europe and Greece's local and foreign currency bond ratings take another hit.
The IMF announced on Wednesday (June 1st) that it has interrupted its 18-month stand-by arrangement signed with Kosovo last July. The move was made after a visit by a Fund mission to Pristina in May. "Elements of the 2011 budget -- in particular the large increase in the wage bill -- deviated from programme commitments," the IMF said in a statement. "Staff and the authorities reached staff-level agreement on a Staff Monitored Programme to establish a track-record that could lead to an IMF-supported arrangement in 2012," it added....more.... read more: se times
http://www.setimes.com/cocoon/setimes/xhtml/en_GB/features/setimes/roundup/2011/06/03/roundup-bs-05
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