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IMF gives Bosnia until end-April to deliver on reforms

IMF gives Bosnia until end-April to deliver on reforms Source: www.bnm.md

SARAJEVO (Bosnia and Herzegovina), March 17 (SeeNews) - Bosnia and Herzegovina has until the end of April to meet reform targets in order to pave the way for consideration of the first review under its current three-year loan deal with the International Monetary Fund (IMF), the global lender said on Friday.

Bosnia needs to increase fuel excises, amend the law on deposit insurance and limit employment in institutions by the end of April,  the IMF said in statement upon the conclusion of its latest mission to the country.

It also expects the Federation of Bosnia and Herzegovina to amend its banking agency law and launch due diligence of its telecommunication companies, BH Telecom and HT Mostar.

"The mission hopes for strong progress in the implementation of these policies in the coming days—including by the parliaments—to pave the way for consideration of the first review by the IMF Executive Board by the end of April 2017", it noted.

An International Monetary Fund (IMF) mission, led by Mr. Nadeem Ilahi, visited Banja Luka and Sarajevo during March 7-17, 2017, to discuss recent economic developments and policies.

The IMF praised Bosnia for the approval of sound 2017 budgets, the passage of banking laws in both entities, and the amendments to the corporate income tax and banking agency laws, as well as the elimination of the solidarity contribution, in the Serb Republic.

In September last year, the IMF approved a three-year 553.3 million euro ($594 million) funding arrangement with Bosnia and Herzegovina to support the country’s economic reform agenda. The disbursement of funds hinges on the implementation of a set of reforms which should better the country's economy.

Bosnia is made up of two entities, the Federation and the Serb Republic.

($=0.928282 euro)

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