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| Bosnian-EU agreement paves way for big IMF loan | Bosnian-EU agreement paves way for big IMF loan |
| (25 days later) | |
| Bosnia’s rival leaders have agreed on the conditions set by the European Union for accepting the country’s membership application, clearing the way for a much-needed IMF loan deal, which was delayed three weeks ago. | Bosnia’s rival leaders have agreed on the conditions set by the European Union for accepting the country’s membership application, clearing the way for a much-needed IMF loan deal, which was delayed three weeks ago. |
| Bosnia, an ethnically divided Balkan nation beset by economic woes, applied to join the 28-nation EU in February and hoped Brussels would consider its membership bid at a ministerial council meeting in mid-July – but this was scuppered by disputes. | Bosnia, an ethnically divided Balkan nation beset by economic woes, applied to join the 28-nation EU in February and hoped Brussels would consider its membership bid at a ministerial council meeting in mid-July – but this was scuppered by disputes. |
| Without the prospect of membership, Bosnia would have risked being left behind by its neighbours who also emerged from the breakup of the former Yugoslavia and already belong to the bloc or are far further down the road to joining. | Without the prospect of membership, Bosnia would have risked being left behind by its neighbours who also emerged from the breakup of the former Yugoslavia and already belong to the bloc or are far further down the road to joining. |
| “We solved today a set of issues which open the way for the acceptance of Bosnia’s (EU) application ... but also open the way towards the IMF arrangement,” said Bakir Izetbegović, the leader of the country’s party of democratic action (SDA) and chairman of the country’s three-man, inter-ethnic presidency. | “We solved today a set of issues which open the way for the acceptance of Bosnia’s (EU) application ... but also open the way towards the IMF arrangement,” said Bakir Izetbegović, the leader of the country’s party of democratic action (SDA) and chairman of the country’s three-man, inter-ethnic presidency. |
| The autonomous Serbian Republic in Bosnia had opposed two important reforms: a deal expanding a trade agreement that Bosnia has with Croatia to cover all members of the EU, and an effective coordination mechanism with Brussels. | The autonomous Serbian Republic in Bosnia had opposed two important reforms: a deal expanding a trade agreement that Bosnia has with Croatia to cover all members of the EU, and an effective coordination mechanism with Brussels. |
| Meanwhile, Bosnian leaders declined to sign a letter of intent with the IMF, prompting the lender to delay the consideration of a deal that was scheduled for mid-July by its executive board. | Meanwhile, Bosnian leaders declined to sign a letter of intent with the IMF, prompting the lender to delay the consideration of a deal that was scheduled for mid-July by its executive board. |
| The trade objections were dropped after Germany intervened and promised help to the country as a whole and the Serb Republic in particular to ease the effects of the deal on farmers. | The trade objections were dropped after Germany intervened and promised help to the country as a whole and the Serb Republic in particular to ease the effects of the deal on farmers. |
| On Sunday, at an EU-initiated meeting, the leaders of the largest Bosnian and Serb political parties agreed to overcome the disputes. The Serbs agreed on the mechanism to deal with the EU and the Bosnians signed the IMF deal. | On Sunday, at an EU-initiated meeting, the leaders of the largest Bosnian and Serb political parties agreed to overcome the disputes. The Serbs agreed on the mechanism to deal with the EU and the Bosnians signed the IMF deal. |
| The Serbs also accepted a country-wide transport strategy, which they previously opposed, and which was an EU condition for the approval of more than €1bn (£845m) to build a road network. | The Serbs also accepted a country-wide transport strategy, which they previously opposed, and which was an EU condition for the approval of more than €1bn (£845m) to build a road network. |
| Sources close to the IMF have said the next meeting of the executive board, which could consider the approval of a three-year €550m loan agreement for Bosnia, could be held in September. | Sources close to the IMF have said the next meeting of the executive board, which could consider the approval of a three-year €550m loan agreement for Bosnia, could be held in September. |