Washington, 14 April 1997 (RFE/RL) - The former Yugoslav republic of Macedonia will be granted a three-year loan of about $75 million by the International Monetary Fund (IMF) to support an economic reform program.
The IMF announced that the first year's portion of the loan amounts to $25 million. It will be available in two installments of $12.5 million and the first installment is available now.
The IMF said Macedonia is embarking on a three-year reform program that seeks to produce sustainable economic growth, reduce unemployment and poverty and balance government accounts. The overall goal is to develop a free market economy and maintain a stable financial environment.