January 20, 2017 / 12:44 PM / 3 years ago

Bosnia's Serb Republic seeks to raise $10.9 mln in 1-yr T-bills end-Jan

SARAJEVO, Jan 20 (Reuters) - Bosnia’s autonomous Serb Republic on Friday said it would seek to raise 20 million marka ($10.9 million) in an auction of one-year treasury bills on Jan. 31 to plug a hole in its budget.

The sale will be carried out through the Banja Luka Stock Exchange (BLSE), the finance ministry said in a statement.

The financing gap comes as the Serb Republic awaits a loan instalment from the International Monetary Fund (IMF).

The IMF approved last September a three-year extended loan arrangement for Bosnia worth 553.3 million euros ($588.49 million) to support the country’s economic reforms.

The lender has already disbursed 79.2 million euros. But in order to access the next instalment of about 80 million euros, Bosnia must pass a law raising excise taxes and its other autonomous region, the Bosniak-Croat Federation, adopt new banking laws.

The IMF disburses the loan payments to Bosnia’s central government but the principal beneficiaries are the two autonomous regions.

$1 = 0.9402 euros $1 = 1.8333 Bosnian marka Reporting by Maja Zuvela; editing by Richard Lough

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