Bosnia’s Finance Ministry fulfilled its legal obligations concerning the 2019 Budget, Minister Vjekoslav Bevanda told the newly appointed Head of International Monetary Fund’s (IMF) Mission to Bosnia and Herzegovina Martin Petri.

“Bosnia’s Fiscal Council adopted the Global Fiscal Framework which will raise the state budget by BAM 16 million, while indirect tax revenues remained the same,” Bevanda said. “The Draft 2019 – 2021 Budget was also adopted.”

He noted that the Ministry finalised all consultations with budget users and that they will finish their part of the work concerning the budget adoption, on time.

According to Bosnia’s Finance Minister, the consultations were finished on time in spite of the fact that the general election campaign is underway, and the Draft Budget will soon be submitted to the parliamentary procedure.

Apart from Martin Petri, the meeting was attended by the outgoing Head of Mission Nadeem Ilahi to whom Bevanda thanked for the good cooperation and wished him success in future engagements.

The two IMF officials said it was a positive sign that the budget calendar was respected by the Finance Ministry and that this part of the job will be done on time.

They concluded that it is necessary to continue the reform process regardless of the difficulties brought on by the election campaign.

Petri and Ilahi concluded that the new authorities must continue the arrangement with the IMF which has so far paid two tranches worth BAM 150 million (around EUR 75 million) each to the accounts of Bosnia and Herzegovina. The total value of the credit arrangement is worth BAM 1.1 billion (around EUR 600 million).

(EUR 1 = BAM 1.95)