Bosnia’s Serb Republic Raises 2008 Budget Revenue, Spending Targets by 5.0%

"In adopting the revised 2008 budget, the government has been consistent in keeping public spending below 40% of gross domestic product, in line with the recommendations of the International Monetary Fund," the Serb Republic’s Finance Ministry said late on Thursday.

The Serb Republic is one of the two autonomous parts forming war-divided Bosnia, and the other is the Muslim-Croat Federation. The two parts have separate budgets. Bosnia also has central government and institutions which have their own budget.

The highest spending increases under the Serb Republic's revised budget for 2008 are planned for education and culture, labour and internal affairs, the finance ministry said.

It also said it was preparing the region’s budget draft for 2009 and planned an up to 5.0% increase in its targets compared to the 2008 budget. It said in 2009 it would keep public spending at its current level.

(1 euro = 1.95583 Bosnian marka)