Serbia and IMF reach 4-billion-dollar loan deal

Serbia and IMF reach 4-billion-dollar loan deal Belgrade  - Serbia reached a deal with the International Monetary Fund (IMF) on a three-billion-euro (4.06 billion dollars) loan over two years, Serbian Minister of economy Mladjan Dinkic said Wednesday.

"The agreement was reached and I expect it to be made public tomorrow by both Serbian government and the IMF," Dinkic told journalists and added that 2.2 billion euros of the loan will be used in 2009.

The loan will increase Serbia's foreign currency reserves and prevent further fall of Serbian currency, the dinar, which has slipped from 75 to 95 to the euro in recent months.

The IMF has already approved 530 million dollars in drawing rights to Serbia in a 15-month deal in January. (dpa)

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