December 22 (SeeNews) - The International Monetary Fund (IMF) said Serbia has moved to restructure some 600 million euro ($627.7 million) of debt of gas monopoly Srbijagas to meet the conditions for unlocking 850.8 million euro funding to the country under a stand-by arrangement (SBA).
The government has prohibited gas deliveries by Srbijagas to delinquent users, mandating prepayments for gas supplies to fertilisers maker HIP Azotara and chemicals group MSK, the government said in a letter of intent dated December 2 and published on the global lender's website on Wednesday.
Moreover, Serbia has published a list of top 20 debtors to Srbijagas and state-owned power utility Elektroprivreda Srbije (EPS), in order to strengthen the energy arrears framework, the government added.
Receivables of the top 20 debtors to Srbijagas and EPS will be submitted within 14 calendar days after the end of each month as well as published on their corporate websites.
The Serbian government also explained that it met the structural benchmark on the completion of special diagnostics review of state-owned insurer Dunav Osiguranje [BEL:DNOS], as required by the IMF.
The letter was sent in relation to the sixth review of the country’s economic performance under the SBA. On Monday, the executive board of the IMF said it has successfully completed the review and made available the cumulative amount of 850.8 million euro to Serbia.
Srbijagas, a company wholly-owned by the government, was incorporated in October 2005 after the restructuring of oil and gas company NIS [BEL:NIIS].
($ = 0.95566 euro)
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