News in English     | 09.05.2018. 12:13 |

Law on Deposit Insurance the unfulfilled condition of the IMF

FENA Press release

SARAJEVO, May 9 (FENA) - Minister of Finance and Treasury of Bosnia and Herzegovina Vjekoslav Bevanda met today with the head of the International Monetary Fund (IMF) Mission, Nadeem Ilahi, who visiting BiH within the second review of the Extended Arrangement between BiH and the IMF.

Mr. Bevanda briefed representatives of the IMF on the activities undertaken at the state level in order to fulfill the commitments from the Letter of Intent, and at the meeting, it was emphasized that it was necessary to continue the implementation of the reforms regardless of the difficulties that the election year brings.

He pointed out that in March the BiH Council of Ministers had adopted amendments to the BiH Law on Deposit Insurance, which was temporarily withdrawn from the parliamentary procedure, and expressed the expectation that the law would be supported by the majority because it is in the interest of strengthening and better functioning of the banking sector in BiH.

The collocutors emphasized that measures were in place regarding the allocations for salaries of employees, as shown by the data from the quarterly report on the implementation of the budget, the BiH Ministry of Finance and Treasury stated.

Another topic of the meeting was the distribution of funds from indirect taxes, as well as the problems of distribution of toll revenues due to the lack of approval of the entities, due to which the funds are accumulated on a dedicated account with the Central Bank of BiH after the adoption of amendments to the Law on Excise Duties.

The representatives of the IMF said that it was necessary to seek compromise and that during the second review they will conduct talks with the entity authorities as well.

Up to now, within the framework of the arrangement between BiH and the IMF, two tranches in the amount of 150 million KM each were paid to the entity accounts, and the value of the loan program is around 1.1 billion KM.

(FENA)
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