Press Release: IMF Executive Board Completes Third Review of Croatia's Stand-By Arrangement
October 3, 2006Press Release No. 06/211
The Executive Board of the International Monetary Fund (IMF) has completed on a lapse of time basis1 the third review under a Stand-By Arrangement for the Republic of Croatia, which was initially approved on August 4, 2004 (See Press Release No. 04/170) and extended to November 15, 2006 (see Press Release No. 06/66). At the second review, access under the arrangement was augmented, bringing it to an amount equivalent to SDR 99 million (about US$146.3 million). The authorities are treating the arrangement as precautionary.
1 The Executive Board takes decisions under its lapse of time procedure when it is agreed by the Board that a proposal can be considered without convening formal discussions.