Minister Vrankić Talks with WB Country Director for B-H Jane Armitage



Deputy Chairman of the Council of Ministers and Minister of Finance and Treasury Dragan Vrankić received in Sarajevo today a delegation of the World Bank, headed by Country Director for B-H and regional Coordinator for South-East Europe Jane Armitage. The current economic situation in B-H, financial stability, non-adoption of Budget, international credibility of our country and implementation of structural reforms were the discussed at the meeting. Both sides expressed their concern for non-adoption of the Budget of Institutions of B-H and International Obligations of B-H for 2011 and 2012, respectively, and highlighted a need for adoption of the Budget and B-H Fiscal Balance and Policies Global Framework for 2012-1014. WB Director Jane Armitage supported a proposal of Minister Vrankić for an analytical review of total revenues and expenditures of all-level authorities in order to arrive at a realistic consolidated picture.

Bosnia and Herzegovina, as other countries in the region, finds it difficult to reduce fiscal deficit and implement structural reforms, provided that the situation in B-H is made more complex by a political crisis and still awaited setting-up of the Council of Ministers. It was pointed out that especial attention should be paid to the reduction of Budget expenditures, particularly reimbursements, salaries and social benefits, in order to achieve a fiscal consolidation and increase competitiveness of our economy. The meeting was attended by Head of WB Office in Sarajevo Anabela Abreu with her assistants.

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