Macedonia Gets 476-Million Euro Contingent Credit Line From IMF
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The Republic of Macedonia became the first recipient of a new type of contingent credit line from the International Monetary Fund, obtaining as much as 476 million euros ($640 million) in case external financing dries up.
The former Yugoslav republic, which has been a European Union candidate since 2005, is not expected to use the two-year credit line, Deputy Managing Director Naoyuki Shinohara said in a statement today after a meeting of the IMF executive board.