Minister Špirić Talks With IMF Delegation on Obligations from Stand-By Arrangement



Deputy Chairman of the Council of Ministers of BIH and Minister of Finance and Treasury Dr Nikola Špirić received today a delegation of the International Monetary Fund (IMF), led by Head of Mission Ron van Rooden

The IMF Delegation, which stays in BIH for the review of the Stand-By Arrangement, was comprised of Deputy Director of IMF Department for Europe Asim Husein and Resident Representative of the IMF in BIH Ruben Atoyan.

The IMF representatives assessed positively the efforts and activities undertaken by BIH during the Second review, which allowed for disbursement of the third tranche under the Stand-by Arrangement.

The meeting assessed that the BIH-level institutions fulfilled their Letter of Intent commitments, and that they should focus their activities on planning of 2014 Budget, which adoption will follow the adoption of the 2014-2016Global Fiscal Framework.

Minister Špirić stressed that in the process , a conservative approach will be assumed in 2014 Budget drafting, which implicates further savings and creation of opportunities for investments.

During the talks, a drop of VAT net revenues was noted, which came as a consequence of increase of VAT refund.

Minister Špirić, who acts as Chairman of the Indirect Taxation Administration Steering Board, said that activities are already launched to overcome the problem, which is a consequence of long time support based on application of certain by-laws, and that his practice will be changed.

The meeting agreed about the necessity to continue with reforms stemming from the Letter of Intent with the IMF.

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