Economic programme with Bosnia and Herzegovina is still on a good path and the country recorded significant recovery success, said the International Monetary Fund's (IMF) Mission Chief for Bosnia, Nadeem Ilahi.

The IMF's mission with Ilahi at the helm visited the country in the period May 7 through May 21, to discuss with Bosnia's authorities the recent economic developments and policies, in regard with the Extended Fund Facility (EFF) arrangement between Bosnia and the IMF.

The IMF's Executive Board approved a loan arrangement for Bosnia in September 2016 under the EFF in the amount of some EUR 550 million. Since that date, the country has been undergoing frequent reviews, which analyse if authorities are conducting recommended reforms in specific sectors.

According to Ilahi, the country significantly reduced the unemployment rate, while preliminary information about tax revenues, transfers and bank loans show that this positive trend will continue throughout 2018.

Ilahi, however, assessed that the progress in the implementation of reforms was slower than expected, urging the legislative authorities to adopt a new Law on Deposit Insurance.

“We encourage the authorities to double their efforts aimed at implementation of structural reforms in the upcoming period. The IMF's staff is ready to help the authorities,” said Ilahi.