178. Editorial Note

On December 27 the Yugoslav Government formally announced its monetary and trade reform program. The four main points of the program were a single exchange rate, progressive liberalization of import quotas, replacement of government subsidies for exports with a system of tariffs, and credit arrangements amounting to $275 million to facilitate these reforms. The U.S. Government and International Monetary Fund simultaneously announced that the required $275 million would be available for the use of the Yugoslav Government. For text of the U.S. statement, see Department of State Bulletin, January 16, 1961, page 85.

The Yugoslav monetary and trade reform program went into effect on January 1, 1961.