THE WORLD BANK WILL NOT "HOLD BACK" LOANS FOR SERBIA

 

The World Bank released in a statement that it will not “hold back” loans for Serbia in 2010. The statement added that this financial institution plans to pay out a loan of USD 200mn in 2010 for helping the budget, but, however, it expects the country to use the already granted loans in a better way.

The World Bank explained that new investment activities were not even planned for 2010 in the scope of the current strategy, but underlined that a lot can be done to improve the results within the limit of the existing portfolio of investment projects.

The improvement could be accomplished by supporting and managing more actively the current projects, in order to initiate the application and the use of the assets.

In case the assets could not be used as planned, it is necessary to redirect them towards other projects, if possible, where they could be used in a better way.

World Bank also stated some media misinterpreted the interview with the Director of the World Bank's office in Serbia Simon Grey. He did not say the World Bank will "hold back" loans for Serbia, but that Serbia should use the granted loans in a better way, rather than seek new ones. He added that in 2010 there will be no investment loans for Serbia but only a loan of USD 200 mn for the budget support.