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World Bank positive on loan, strong reform

Roger Grawe, the World Bank's director for central Europe, August 7 appraised the Slovak government's reform programme related to its EFSAL (Enterprise and Financial Sector Adjustment Loan) as "one of the strongest, if not the strongest" in which the World Bank has been involved in this region in recent years.

The World Bank has granted a 200 million euro loan for the restructuring of the Slovak banking and corporate sectors, to be delivered in three tranches, the first of 60 million euros, and two more at 70 million euros. The loan has a repayment term of 14 years, with a five year extension.

The loan was granted on condition that the government implement complex reforms in both sectors, and that it accepts a staff monitoring programme from the International Monetary Fund (IMF).

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