World Bank announces new financial support to Serbia

Belgrade, March 15, 2003 - The World Bank is preparing new financial support to Serbia, and might speed up the loan payment process already approved for a three year period. World Bank President James Wolfensohn said that the World Bank, in this tragic moment following the assassination of Prime Minister Zoran Djindjic, will continue to cooperate with Serbia and Montenegro, adding he expects that a new programme of financial support to Serbia and Montenegro will soon be completed.

"The World Bank has approved $540 million in loans to Serbia till 2004. We cannot increase that sum for the time being, but payment can be speeded up, in other words, the bank can increase the size of installments that are being given out now, and reduce those in the next period," said the World Bank's Belgrade office spokeswoman Vesna Kostic, the Beta news agency reported.

She said that the $80 million loan for structural reform of the social sector is ready, and that it will soon be adopted by the World Bank's board of directors.

Wolfensohn said that financial support for programmes in the health and financial sectors are being prepared, as well as for the privatisation programme in Serbia.