Fiscal Council of Bosnia and Herzegovina Holds its Extraordinary Session

Toda's extraordinary session of the Fiscal Council of Bosnia and Herzegovina failed to reach an agreement on the Ministry of Finance and Treasury proposals for issue-solving concerning the ICSID Tribunal award in file “Viaduct, Ltd Portorož and Others” vs Bosnia and Herzegovina case. 

By settling a 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.

Concerning certain pieces of information, available to media, as to funds gathered from profits of the Central Bank of Bosnia and Herzegovina, it should be emphasised that the profit of the Central Bank of BIH paid to the BIH Institutions Budget, in accordance with the Law on Central Bank of BIH, is own revenue of Institutions of BIH either used for covering expenditures within the BIH Institutions Budget or distributed in other ways as prescribed by the Law on Budget of BIH Institutions and International Olbugations of BIH.

The simplest, fastest and legal way to both implement the arbitrage award and prevent further detrimental consequences to Bosnia and Herzegovina, causing issues in functioning of Institutions of Bosnia and Herzegovina this year and beyond, is embodiment of the Law on Budget of Institutions of Bosnia and Herzegovina on the expenditures item through direct transfers. (end)