News in English     | 02.06.2020. 19:11 |

Bevanda: Decision on allocation of IMF Funds unanimously adopted

FENA Aida Kovač

SARAJEVO, June 2 (FENA) - The decision on the allocation of funds from the International Monetary Fund’s (IMF) Rapid Financing Instrument (RFI) was unanimously adopted at today's session of the BiH Council of Ministers, BiH Finance and Treasury Minister Vjekoslav Bevanda told reporters after the session.

He stated that this decision determines the schedule of withdrawn funds of the Rapid Financing Instrument from the IMF in the total amount of 265.2 million special drawing rights in the equivalent of the convertible mark at the valid exchange rate on the day of withdrawal.

Bevanda added that the Ministry of Finance and Treasury will allocate funds from the Rapid Financing Instrument, in accordance with the decision of the Fiscal Council of BiH, the signed Letter of Intent and Memorandum of Understanding in the following proportions - 61.5 percent for the Federation of BiH, 37.5 percent for the Republika Srpska and one percent for the Brčko District of BiH.

Bevanda said that the debt is being repaid by the entities and the Brčko District, in accordance with the legal regulations which regulate the settlement of obligations towards international financial institutions according to the established repayment plans.

“The decision enters into force on the day of its adoption and is published in the Official Gazette. The signatory of this decision will be Chairman of the Council of Ministers of BiH, Zoran Tegeltija,” Bevanda added.

Answering a journalist's question about how the adopted decision differs from the previous one, he said that this is the third time that they are trying to make a decision at the Council of Ministers

“In the article which says that 61.5 percent is for the Federation of BiH with its 10 cantons, in the first decision it was written the same way, without these cantons. Then there was the sub-article that the funds belonging to the Federation will be distributed 50 percent to the Federation and 50 percent to the cantons,” explained Minister Bevanda.

When asked by a journalist about the budget of BiH institutions for 2020, he said that the Ministry of Finance was without a budget request from the Presidency of BiH for a year.

“So when it finally came in the second month we worked day and night and submitted the draft budget to the Council of Ministers. It was adopted by a majority vote, forwarded to the BiH Presidency and returned before the end of the fourth month to adjust to the conditions of the pandemic. I said that it was a purely technical issue, with nothing to do with politics,” said Bevanda.

He noted that additional negotiations are being conducted with almost 100 budget users and the budget is coming to an end.

(FENA) A. B.

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