As of 1997, the World Bank had spent only one-third of the $1.8 billion it raised for Bosnia and Herzegovina because of repeated failures to institute economic reforms or honor the terms of the 1995 peace agreement. Economic assistance is expected to lay the groundwork for a revival of the economy. The actual distribution of assistance to particular entities or areas depends on compliance with the Dayton Accords, including the turnover of persons indicted for war crimes to the International Criminal Tribunal for the Former Yugoslavia. Into 2003, privatization and reconstruction were ongoing. Small-scale privatization has been completed, and large-scale privatization was underway in 2003. The absence of a single market in Bosnia and Herzegovina is an obstacle to economic development, as is the lack of legal certainty and a high degree of bureaucratization. A central bank was established in 1997, and a new currency launched in 1998. Successful debt negotiations have been held with the London Club and the Paris Club. A $96 million stand-by arrangement with the International Monetary Fund (IMF) approved in August 2002 was due to expire in November 2003.