News in English     | 17.01.2021. 19:24 |

Agreement on EU macro-financial assistance to BiH enters ratification process

FENA Press release

SARAJEVO, January 17 (FENA) - The Agreement on Macro-financial Assistance of the European Union (EU) is entering the ratification process, announced the Ministry of Finance and Treasury of Bosnia and Herzegovina. 

After the Minister of Finance and Treasury of Bosna and Herzegovina Vjekoslav Bevanda recently signed a Memorandum of Understanding between the European Union and BiH on the allocation of 250 million euros of macro-financial assistance, the document was signed on Saturday by European Commissioner for Economy Paolo Gentiloni.

Since the Memorandum of Understanding was signed with the Agreement on the loan for EU macro-financial assistance, it was possible for the BiH institutions to start the process of ratification of the international agreement, after which the funds will become operational.

As it is assistance to several levels of government whose representatives participated in negotiations with the EU, the Memorandum was confirmed and supported by the finance ministers of both entities and the mayor of Brčko District, and on behalf of the Central Bank as the borrower's agent, it was signed by Governor Senad Softić.

Minister Bevanda emphasized that the goal of EU macro-financial assistance is to mitigate the consequences of the crisis caused by the Covid-19 pandemic, and it comes with other resources that the country has received from other international financial institutions to support economic stability.

"The funds from this loan will be disbursed in two installments, each amounting to 125 million euros, and the disbursement of the first installment is expected after the entry into force of the Memorandum and the accompanying credit line agreement, which we also signed. This agreement regulates the procedures for the payment of assistance to BiH," Minister Bevanda explained.

This memorandum, in accordance with previous decisions of the European Parliament and the Council of the European Union of BiH, made available the macro-financial assistance of 250 million -euros in the form of a loan.

Due to epidemiological measures, the signing of the document was done in correspondence and without the usual ceremony. Minister Bevanda thanked the European Union for its readiness to help Bosnia and Herzegovina in this challenging time and congratulated all participants on the successful completion of negotiations.

(FENA) S. R.

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