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Dec 20, 2017 17:43 EEST
SARAJEVO (Bosnia and Herzegovina), December 20 (SeeNews) – The International Monetary Fund (IMF) has commended Bosnia for adopting changes to its excise tax law but wants to see the country fulfil other measures before unlocking funding, the government of Bosnia's Federation said.
A mission of the IMF headed by Nadeem Ilahi arrived in Bosnia earlier this week for talks with government representatives, until December 22, on policies to complete the first review under the Extended Fund Facility (EFF).
During the IMF's visit with the government of the Federation entity on Tuesday, Ilahi underlined the importance of Bosnia's implementation of reform processes agreed with the financial institution earlier, the Federation government said in a statement.
"We are here because good news has taken place and to discus steps to continue the arrangement," Ilahi is quoted saying.
During its last visit to Bosnia, in November, the IMF mission said it is not releasing funds until the country adopts a new law on excise taxes.
At the time, the IMF also said that, among other things, the country must step up the adoption of a new deposit insurance law, while the Federation needs to take steps to initiate the agreed due diligence of the telecommunication companies on its territory, BH Telecom and HT Mostar.
In September last year, the IMF approved a three-year 553.3 million euro loan ($652.2 million) to Bosnia to support the country's economic reform agenda. However, the IMF delayed the release of the second loan tranche in May, after the Bosnian authorities failed to meet the agreed reform targets.
Bosnia and Herzegovina is made up of two entities, the Federation and the Serb Republic. The country is now hoping to restart the funding and investment cycle.
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