New York, December 21st (Tanjug) - Yugoslavia's return to the International Monetary Fund (IMF) after an eight-year absence has raised the membership of this multilateral financial institution to 183, an IMF statement said.

Approving Yugoslavia's accession, the IMF directors placed at the government's disposal a loan of 151 million dollars for implementing a program of rebuilding the devastated economy.

Of the total sum, 130 million will be drawn for repaying a backlog of Yugoslavia's maturities to this credit organization.

The IMF membership enables Yugoslavia to start restructuring its economy, with the Fund's financial assistance and advice, and using its comparative advantages, and to regulate relations with the World Bank and other creditors.

As the process advances, the Yugoslav economy will become more attractive and less of a risk to foreign investors, with long-term investment in promoting production and the service sector being of special importance.

The Yugoslav government is faced with the complex job of stabilizing and resuscitating an economy devastated by years of conflicts, international isolation and mismanagement, according to the First Deputy IMF Director-General Stanley Fisher.

First step, in two months time, in renewing full cooperation with financial institutions and creditors was Yugoslavia's last week's joining the European Bank for Rebuilding and Development (EBRD), with a seat in London. This bank finances projects in middle and Eastern Europe.

Yugoslavia was not a member of EBRD before and since it does not have any debts and therefore joining this bank was the easiest process.

Considering Yugoslavia's debt of 1,7 billion dollars, its regulation of membership in the World Bank will be more difficult process. The World Bank consists of International Bank for Rebuilding and Development, International Association for Development (IDA) for conceding financing, International Financial Institution (IFC) for financing private enterprises, and Multilateral Agency for Investment Guaranteeing (MIGA) for protection of the investments.

However, Yugoslavia's quickest possible acceptation into the World Bank is necessary in order to put in use its long term funds for concrete economic projects so that production could be renewed, international donors conference organized and relationships with Paris Club of creditors` governments and London Club of private banks of creditors regulated.