World Bank re-admits Yugoslavia

WASHINGTON, U.S. -- Yugoslavia has rejoined the World Bank, eight years after it was expelled for its involvement in Balkan wars.

The move paves the way for future loans to help the impoverished country's economic recovery as it strives to improve relations with the outside world.

Nick van Praag, a spokesman for the World Bank, said the Federal Republic of Yugoslavia had "fulfilled the necessary conditions to succeed to the membership of the former Socialist Federal Republic of Yugoslavia in the World Bank."

Yugoslavia was cut off by the World Bank in 1993, and by the International Monetary Fund a year earlier. It rejoined the IMF in December 2000, two months after former leader Slobodan Milosevic was ousted.

The IMF has since pledged a $260 million stand-by loan, with the first instalment due to be paid in June. It also agreed a memorandum on economic and financial policies at the end of April, paving the way for the first donor conference for Yugoslavia expected on June 1.

However, the U.S. has threatened to withdraw backing of the conference if Belgrade fails to cooperate in bringing Milosevic before an international court in The Hague for alleged war crimes.

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World Bank
International Monetary Fund
Federal Republic of Yugoslavia

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