IMF: Economy grows in BiH, but the budget is still in deficit

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Economy in Bosnia and Herzegovina during the 2013th recorded certain growth, but it did not provide expected revenue of the budget so challenge to solve the budget deficit still remains in front of the authorities of the country, Ron van Rooden, head of mission of the International Monetary Fund for BiH ( IMF), said on Tuesday in Sarajevo.

Van Rooden is leader of IMF delegation that, with representatives of the state and entity authorities since last week analyzing implementation of the predicted measures by stand- by arrangement which was concluded in September 2012th.

The IMF is committed to provide 385 million euro of support to BiH authorities until 2014. That, by their side, have committed to implement structural reforms, including limiting the growth of government spending.

So far IMF has disbursed to BiH, apropos to its entities 192.5 million euro, and from results of analysis about effects of the reforms, which are currently implemented by mission, under the leadership of Van Rooden depends payments of next installment , which is slightly higher than 48 million.

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Rating of IMF delegation is that reforms in BiH “progress quite good” with the important indicator of sources of growth and industrial production, but it still is not enough to assess that  situation is stable.

“Despite of economic recovery and growth of export revenues, this increase was not followed by government revenues, and there was a deficit in the budget,” said Van Rooden stressing that this is a vital task by which, until the end of year, will have to deal with the Council of Ministers and the Government of Federation of Bosnia and Herzegovina and the Republic of Serbian .

Van Rooden suggested that problems with filling the budget could be resolved by ensuring better tax payment. He said that it is necessary to speed up preparations for the adoption of the budget for the 2014th, because it is also year of election and for all agreement will be need more time and effort.

Chairman of the Council of Ministers Vjekoslav Bevanda announced that global fiscal framework for the 2014th could be adopted next week, which would open the way for the drafting of the budget and submitting it to parliamentary debate and adoption on  time.

He also said that he hopes that it will be possible to resolve the risks that representatives of the IMF pointed out, particularly in the execution of the budget for the 2013th.

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