Council of Ministers of Bosnia and Herzegovina Holds Its 53rd Extraordinary Session

The Council of Ministers of BIH adopted, at its extraordinary session, the Ministry of Finance and Treasury piece of information on realisation of the Council of Ministers of BIH conclusion from its 51st session concerning the ICSID Tribunal award in the file Viaduct, Ltd. Portorož and Others vs Bosnia and Herzegovina. 

 

Chairwoman of the Council of Ministers of BIH Borjana Krišto should convene urgently an extraordinary session of the Fiscal Council of BIH for the aim of making amendments and supplements to the 2025-2027 Global Framework of Fiscal Balance and Policy of BIH to the end of meeting obligations stemming from the Viaduct, Ltd. Portorož and Others vs Bosnia and Herzegovina award, for the benefit of the Central Bank of Bosnia and Herzegovina.

The Ministry of Finance and Treasury should amend the 2025-2027 Framework Budget and a new text Draft Law on Budget of Institutions of BUH and International Obligations of BIH for year 2025, immediately, in three-day time at latest upon the adoption of the conclusion, for the aim of its harmonisation with the 2025-2025 Global Framework of Fiscal Balance and Policy in BIH.

The BIH Presidency is authorised for proposing the Draft Law on Budget of BIH Institutions and International Obligations of BIH to the Parliamentarian Assembly of BIH, which is in charge for its final adoption.

By settling the multi-million liability stemmed from the dispute by the claimant against the Government of Republika Srpska, the Council of Ministers of BIH wants to stop further interest accrual, reaching EUR 9,000 daily, and enable a smooth functioning of the Air Navigation Services Agency (BHANSA), as well as to stop enforcements proceedings by claimants in Bosnia and Herzegovina (in Mostar, Banja Luka, Brčko and Sarajevo) and abroad (Luxembourg and Belgium) tending to endanger both the Central Bank of BIH property and Budget resources of BIH Institutions.

The Slovenia-based company “Viaduct, Ltd. and Others” initiated an arbitrage procedure due an unilateral termination of a Concession Contract of the Government of Republika Srpska for construction of a hydropower system on the River Vrbas. Under 2017 Agreement with the Council of Ministers of BIH  on Mutual Rights and Obligations as to the Arbitrage Procedure in File “Viaduct ,Ltd. and Others”  vs. claimed Bosnia and Herzegovina, the Government of Republika Srpska committed to fulfil unconditionally all payment obligations against the award taken in the arbitrage procedure, on behalf of claimed Bosnia and Herzegovina, upon  receipt of a documented request from the Chief Prosecutor’s Office of BIH. (end)

Link for Photos:

https://www.flickr.com/photos/vijeceministara/albums/72177720325017966/