Fiscal Council of Bosnia and Herzegovina Holds Its Session

Members of the Fiscal Council of BIH considered at today's session in Sarajevo the Stand-By Arrangement with the International Monetary Fund and Supplemental Letter of Intent of April 19, 2013, which was drafted without consultations with Chairman Bevanda and the Fiscal Council Advisory Group. 

Chairman Bevanda expressed his reserves regarding the subsequently inserted text of the Letter concerning the Law on More Favourable Retirement of Demobilised Soldiers, since the original Letter of Intent explicitly provides that the promulgation of the Law is a structural benchmark, by the adoption of which conditions would be met for the third tranche disbursement.

All members of the BIH Fiscal Council agreed with Chairman Bevanda on this point, and that, however, was unacceptable for IMF representatives, so the acceptance of a new text Letter of Intent was agreed with five votes for and one against, in which Chairman Bevanda set aside his opinion.

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