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SARAJEVO (Bosnia and Herzegovina), November 19 (SeeNews) - Bosnia should harmonise the business regulations in its two autonomous entities and the Brcko district in order to substantially improve the business climate, the European Bank for Reconstruction and Development (EBRD) said on Tuesday.
"The private sector would benefit greatly from harmonised regulations and a reduction in “red tape” and para-fiscal charges", the EBRD said in its 2019-2020 Transition Report.
Additionally, Bosnia should tackle the inefficient state-owned enterprises (SOEs), as they have a negative effect on other businesses and impose a significant fiscal burden.
"They should be depoliticised and restructured, followed in some cases by a renewed and credible push for privatisation," the EBRD said.
The bank also said that Bosnia should pursue reform of its inefficient and oversized public administration, which represents a significant burden on taxpayers and strongly affects the business environment.
"The Serb Republic should also adopt as soon as possible the strategic framework of public administration reform for 2018-22, and the country should embark on developing a professional, de-politicised and merit-based civil service."
The EBRD expects Bosnia's economy to grow by 3% in 2019 and 2020.
The Serb Republic is one of two autonomous entities that form Bosnia. The other one is the Federation.