IMF approves stand-by credit for Croatia

Published: 4/2/2003

On February 3, 2003 the Executive Board of the International Monetary Fund approved the Republic of Croatia's request for a 14-month stand-by credit for SDR 105.9 million (about USD 146 million) to support further reforms in the Croatian economic and financial systems.

However, as stated in the press release issued after the meeting of the Executive Board, the Croatian authorities do not intend to draw the funds under the arrangement. For Croatia, this arrangement is primarily precautionary and an international acknowledgment of the credibility of Croatia's commitment to further fiscal consolidation and structural reforms, with an emphasis on stabilizing the public debt ratio, increasing the labor market flexibility and facilitating progress in privatization.

Like in previous arrangements with the International Monetary Fund, the documents related to the new stand-by arrangement will be published and available in the Croatian language on the web site of the Croatian National Bank (, as soon as the translation of the final text is completed.

NOTE: More detailed information on the program and statements made at the Executive Board Meeting is available on the IMF-s web site: