December 11, 2015 / 12:23 PM / 4 years ago

Bosnian region to issue $31.9 million worth of debt in Dec

SARAJEVO, Dec 11 (Reuters) - Bosnia’s autonomous Serb Republic said on Friday it aims to raise 57 million Bosnian marka ($32 million) via auctions of treasury bills and domestic bonds this month to make up for a lack of IMF funds for its 2015 budget.

It said it will issue 12 million marka worth of six-month treasury bills on Dec. 21 and 45 million Bosnian marka worth of domestic bonds on Dec. 28. The bonds will carry a fixed annual coupon of 3.5 percent, the regional finance ministry said.

Last week, the region increased its 2015 budget by 2.5 percent to cover a 6.9 percent rise in debt issuance, compared with its original plan to help pay for maturing debt.

Bosnia’s two regions, the Serb Republic and Bosniak-Croat Federation, badly need cash to plug their budget gaps, which together amount to about 1 billion marka, after they failed to secure a new IMF loan. The previous loan expired in June.

Both had drawn up budgets assuming they would get IMF funds. ($1 = 1.787 Bosnian marka) (Reporting by Maja Zuvela; Editing by Hugh Lawson)

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