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Serbia Meets Conditions For IMF Arrangement

2 December 2005 -- Serbia has met demands for finalizing a $1 billion standby arrangement with the International Monetary Fund (IMF).

Piritta Sorsa, who heads the IMF mission in Serbia, said that "conditions were met" for a positive final review of the arrangement.

Belgrade met the conditions that the IMF wanted in the 2006 budget, which was adopted earlier this week.

The IMF board of directors is due to make its decision on the arrangement later this month. The deal would include a $700 million write-off of Serbia's debt to the Paris Club of creditors and a release of some $250 million in credit.