Najave
Fiscal Council Holds Its 2nd Session
04/01/2020
The session adopted a Letter of Intention with the International Monetary Fund (IMF), in which BIH seeks a financial support within the Instrument of Speed Funding, within efforts at containing of coronavirus outbreak.
It was concluded that the fiscal position of BIH was considerably improved in the curse of the previous arrangement with the IMF, which enabled a certain fiscal space to cover the current economic price of the pandemics, since the surplus of the last two years was 2% of GDP at average. The expectations are that the fiscal position this year will be at deficit, due to a considerable drop of budget revenues, much higher pending to health purposes, and additional welfare and economic support from budget because of the effects caused by coronavirus pandemics.
The IMF funds will be used for the increased requirements in health sector and for financing of economic stabilisation measures, and the Instrument for Speed Finance is expected to act as a catalyst for support by other financial institutions.
Other that the Letter of Intent, the BIH Fiscal Council considered and adopted a Report on Budget Execution of the Fiscal Council of BIH for year 2019, and Budget Proposal of the Fiscal Council of BIH for year 2020.
The allocation of assistance resources, both supplies and finances, will be arranged by the Council of Ministers of BIH, upon a proposal by het Coordination Body for Protection and rescue.