International Monetary Fund - IMF
As a participant in the Bretton Woods conference, SFRY was one of the founder countries of the International Monetary Fund and the World Bank. Its membership in the IMF ceased with the SFRY’s disintegration – by the decision of the Board of Executive Directors made on December 14, 1992.
The IMF’s Board of Executive Directors determined on December 20, 2000 that the Federal Republic of Yugoslavia might be SFRY’s successor regarding membership in this financial organization. At that time, “emergency post-conflict aid” in the amount of 117 million of SDRs (special drawing rights) or about USD 170 million was approved.
In June 2001, the Board of Executive Directors extended a stand-by loan of 200 million SDRs (about USD 260 million) and, in May this year, a 3-year financial arrangement for 650 million SDRs (about USD 860 million).
The funds approved in 2000 and 2001 have been fully used, and the first installment has been paid under the new 3-year arrangement.
Montenegro has not used the proceeds of the stand-by loan nor the 3-year arrangement, because it does not use the national currency, so that Serbia “has drawn” these funds in the previous period. During the recent IMF mission to Montenegro and Serbia it was agreed that the experts from this institution would propose a model based on which Montenegro would use the facilities offered by the IMF.
Bank for International Settlements – BIS
In June 2001, FR Yugoslavia renewed membership in this financial institution, where it has been member since 1931 as the Kingdom of Yugoslavia. At the BIS Assembly held on the occasion of renewing the FRY’s membership, the shares, gold and foreign exchange of the SFRY deposited with this Bank were divided. The assets were distributed among the FRY and newly created states. Separate membership of the Central Bank of Montenegro in this institution is conditioned by the regulation of relationships between Serbia and Montenegro and creation of two central banks. This procedure will be initiated after the Constitutional Charter on the relations between the two republics is signed.