Minister Špirić with IMF and WB Mission on Financial Sector

Deputy Chairman of the Council of Ministers of BIH and Minister of Finance and Treasury dr. Nikola Špirić held a meeting with representatives of the International Monetary Fund and World Bank Mission on Financial Sector Assessment Programme. 

The IMF and World Bank mission, comprised of over 20 experts, is tasked to prepare a FSAP review.

The meeting concluded a notable progress in the financial sector, relative to 2006, year of the last FSAP review, and analysed data in competent Entity and BIH institutions.

Minister Špirić stressed that this year’s financial sector review takes place following a global economic recession, caused by financial crisis in developed countries, in addition to aftermaths of this year’s devastating  plods.

“Having regard of the extent of the natural disaster, BIH economy showed a better than expected resilience, and we will have a positive economic growth. Also, we mark a revenue increase from indirect taxes for 3.4 per cent for first ten months of this year”, Minister Špirić said.

He added that it is necessary to create conditions for substantial economic growth, implying structural reforms implementation, on which both the IMF and World Bank focus their project.

Minister Špirić underlined that it is necessary to take due care of constitutional competences in preparing recommendations, in order to ensure their effective implementation.

Representative of the IMF and World Bank said that the Financial Sector Assessment Programme analyses the banking sector, insurance, payment operations and risk management in all areas.

They said that since the last review in BIH some useful legal amendments improved the situation in the financial sector, while certain areas are now being analysing for the first time.

A report and recommendations of the IMF and World Bank Mission should be prepared by November 18 this year.

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