Bosnia and Herzegovina has to pay back another Billion BAM of Debt of Former Yugoslavia

November 6, 2019 4:00 PM

 

Bosnia and Herzegovina has to pay back another billion BAM of debt it has taken from the former Yugoslavia (SFRY), which will take nearly ten years.

Thus, BiH will repay the commercial debt to the Paris Club of Creditors, comprising 14 countries, by December 2038, to the London Club of Creditors by December 2021, and to repay loans from the International Bank for Reconstruction and Development by August 2028. These debts are the entity’s liabilities have been reduced by 1 billion BAM in the last ten years.

However, this will not end the story of the return of the former Yugoslavia’s inherited international obligations. Namely, there are some 230 million BAM of SFRY debt still to be distributed by the successor states, that is, the countries created by the breakup of Yugoslavia.

In the worst-case scenario, our country would have to repay another 35 million KM of old debt incurred before April 1992.

It is interesting that the obligations of the former state and those dating from the Kingdom of Yugoslavia, that is, the so-called “inter-war debt” that arose between the First and Second World War on the issue of government bonds.

The former SFRY has taken over those bonds and that debt is 9 million U.S. dollars.

According to data from the BiH Ministry of Finance and Treasury, the succession also included SFRY’s debts to Libya of about 101.8 million U.S. dollars for loans to the 1975 Yugoslav Oil Pipeline and 1981 oil imports.

The former SFRY also has a debt to the UN of 1.2 million U.S. dollars and an Intergovernmental Organization for International Carriage by Rail (OTIF) of 100,000 Swiss francs, Oslobodjenje news portal reports.

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