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Bosnia, IMF agree 2-year $500 million standby loan


    SARAJEVO (Reuters) - Bosnia and the International Monetary Fund have reached agreement on a new two-year $500 million (319.88 million pounds) standby loan that would be used to plug budget holes and pay off debt maturing next year, an IMF official told Reuters in an interview on Friday.

    "We have finalised the agreement at the staff level, we have to get clearance by our management before we submit it to the Executive Board for the consideration," said Costas Christou, the head of an IMF mission for Bosnia.

    Christou said the board could approve the programme in September and then disburse the first tranches for this year, but that Bosnia's authorities first had to fulfil a number of commitments.

    (Reporting By Daria Sito-Sucic; Editing by Ruth Pitchford)