June 23, 2017 / 12:08 PM / 3 months ago

Bosnian region seeks to raise $8.5 mln in 12-mo T-bills on July 5

SARAJEVO, June 23 (Reuters) - Bosnia’s autonomous Serb Republic will issue one-year treasury bills worth of 15 million marka ($8.5 million) on July 5 in an auction aimed at helping finance maturing debt, the Banja Luka Stock Exchange (BLSE) said in a filing on Friday.

The Serb Republic and the Bosniak-Croat Federation, the Balkan country’s two autonomous regions, have stepped up the frequency of sovereign debt sales to cover budget gaps and finance maturing debt, after the International Monetary Fund suspended loan disbursements because of delays to reforms at national and regional levels.

The IMF has withheld 80 million euros ($89.36 million) earmarked under its 553 million-euro loan deal for Bosnia.

Although the IMF distributes the loan payments to Bosnia’s central government in Sarajevo, the country’s two regions are the principal beneficiaries of the aid, which they had factored into their budgets.

$1 = 1.751 Bosnian marka $1 = 0.8953 euros Reporting by Daria Sito-Sucic; Editing by Larry King

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