BIH Fiscal Council's 3rd Session

The third session of the Fiscal Council of BIH as held today in Sarajevo, under chairing of Chairman of the Council of Ministers of BIH and Chairman of the BIH Fiscal Council Dr Denis Zvizdić, at which elements of a Letter of Intent for a new Stand-By Arrangement with the International Monetary Fund were considered. 

The BIH Fiscal Council session was attended also by a IMF delegation, led by Head of Mission for BIH Nadeem Illahi and IMF Resident Representative Francisco Parodi.

Hear of IMF Mission for BIH Nadeem Illahi said that the IMF is open for negotiations with BIH, emphasising that the preconditions for further discussion is developed State and Entities‘ Draft Budget for 2016.

Deputy Chairman and Minister of Finance and Treasury of BIH Vjekoslav Bevanda informed IMF representatives that the 2016 Draft Budget Law was developed, which was on this occasion handed over to the IMF representatives.

Representatives of the FBIH, Prime Minister Fadil Novalić and Minister of Finance Jelka Miličević said that the position of the Federation of BIH is focused to support entrepreneurs and economic development, which will be taken care concerning all measures proposed in the Letter of Intent. They added that the proposed measures should incite reinvestments, in order to increase spending and strengthen market competitiveness of economic entities.

Minister of Finance of RS Zoran Tegeltija emphasised that the most expeditious way of agreeing on the contents of the Letter of Intent is to alone it with already agreed contents of the Reform Agenda and related Action Plan.

In that regard, the Fiscal Council tasked all-level authorities in BIH to submit their objections to the elements of the Letter of Intent by the end of this week, so that it might be finalised  with the IMF.

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