RTTNews - Friday, the European Commission approved EUR100 million to Serbia as general budget support to help with the stabilization of the country and ease the economic and social consequences of the crisis.

The Commission said Serbia's budget deficit has been growing rapidly, due to the current crisis. Therefore, a programme for macro economic stability supported by the International Monetary Fund and the World Bank was established. The European Commission budget support will complement this initiative.

The Commission also approved EUR 85 million for the Western Balkan countries and Turkey. The EUR 85 million grant is part of the overall Crisis Response Package for the region that should total EUR 150 million in Commission grants and EUR 600 million in loans from partner International Financial Institutions, such as the European Investment Bank and the European Bank for Reconstruction and Development.

Western Balkan countries include Croatia, the former Yugoslav Republic of Macedonia, Albania, Bosnia and Herzegovina, Montenegro, Serbia and Kosovo.

The Commission said the financial crisis response package for Bosnia and Herzegovina for a total amount of EUR 39 million will be adopted in the coming days.

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