Bosnia to receive 275 mln from IMF, EU after budget cuts

The government of Bosnia-Herzegovina plans budget cuts to qualify for €214 million in international loans for the ravaged country. The budget cuts will bring down the shortfall to 3.5% of economic output in line with a demand by the International Monetary Fund, which in 2010 agreed to a €1.2 billion loan for the Balkan nation. The moves will allow for a €38 million installment by the end of the month. Bosnia’s economy is expected to expand at least 0.5% this year, with exports surging 33% and imports jumping 4% from last year.