Bevanda: Fiscal Discipline Exercised by Council of Ministers Yield Result

Chairman of the Council of Ministers of BIH Vjekoslav Bevnada received in Sarajevo today a delegation of the IMF, led by Chief of Mission in BIH Ron van Rooden, and this launched the Third Review of the Stand-By Arrangement implementation. 

The IMF Head of Mission for BIH van Rooden expressed his satisfaction with the Second Review results, which suggested of a high level of accountability displayed by all-level authorities in BIH. He said that the first quarter of 2013 showed encouraging indicators which point at a slight up-ward trend of industrial production and exports, while the indirect tax revenues are within the satisfactory levels. He added that all fiscal goals are fulfilled, and that if this positive trend continues to the end of the year, a slight increase of tax revenues at 0.5% might be expected.

Chairman Bevanda said that the fiscal discipline exercised by the Council of Ministers of BIH gives results. He informed IMF Head of Mission for BIH van Rooden that the development of the Global Fiscal Budget Framework for 2014-2016 is in the process, while input indicators are being collected for the preparation of the BIH Institutions Budget for the next year. Chairman Bevnada stressed that the next year’s Budget will be within the limits defined under the Global Fiscal Framework 2013-2015, and that the indicator for its successful implementation can be found in the Budget execution for last year with its 100% performance of planned activities and a resulting surplus.

Chairman Bevanda informed the IMF Delegation of the course of intensive preparations Bosnia and Herzegovina takes-up in regard of the Republic of Croatia’s entry into the European Union. He said that he sees a great opportunity for BIH, as many CEFTA market-related production lines will be moved to Bosnia and Herzegovina, if a favourable investment environment is created.

The meeting was attended by the IMF Resident Representative Ruben Atoyan.

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