The International Monetary Fund (IMF) completed reviews of Kosovo’s economic performance and will grant the country around $106.5 million, the IMF said in a press release.

In July 2015, the IMF executive board approved a 22-month, Special Drawing Rights (SDR) 147.5 million Stand-By Arrangement (SBA) for Kosovo,. The SBA supports Kosovo’s economic program, which aims at raising its economic potential by creating fiscal space for growth-enhancing expenditure, the release stated.

The SBA’s goals are to preserve low debt, upgrade key infrastructure by catalyzing donor resources, and boost a competitive environment, the release stated.

“The International Monetary Fund (IMF) completed the second and third reviews of Kosovo’s economic performance under the Stand-By Arrangement (SBA),” the release stated on Monday. “The completion of the reviews enables the disbursement of SDR 79.2 million (about $106.5 million).”

The IMF executive board approved a request for an extension of the current SBA to August 4 to facilitate policy continuity and allow sufficient time for ongoing structural reforms to progress, the release added.

Kosovo unilaterally proclaimed independence in 2008 and is recognized by over 100 UN member states. Serbia, as well as Russia, China, Israel, Iran, Spain, Greece and other countries do not recognize Kosovo’s independence.

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