Bosnia’s Presidency submitted the 2014 state-level budget draft to the Parliament on Monday, December 9, daily Dnevni Avaz reported.
The 2014 budget was approved by the Presidency on December 6 without changes to the total framework which amounts to BAM 1.796bn (EUR 918mn), including BAM 950mn financing for the state-level institutions and BAM 846mn for servicing the country's foreign debt. However, the Muslim member of the Presidency, Bakir Izetbegovic, proposed some redistribution within the financing for the state institutions. For the purpose, the draft had to be returned to the finance ministry for making the amendments and then sent back to the Presidency, which on its turn should submit it to parliament.
The finance ministry returned the amended budget draft to the Presidency on Sunday, December 8, Dnevni Avaz reported earlier quoting unnamed sources. Some BAM 18.7mn were reallocated to increase the budgets of the Human Rights and Refugee ministry, the Constitutional Court, the Defence ministry, the Central Election Commission and the Service for Common Affairs of Bosnia’s institutions, the report underscored.
Bosnia will likely miss the IMF's December 9 deadline for adopting next year's state-level and entities' budgets - a condition needed for receiving the sixth tranche worth EUR 38mn under its EUR 390mn stand-by deal with the fund, Parliament speaker Denis Becirovic has said earlier.
Bosnia has received so far EUR 237mn, or more than half of the funds provided under the stand-by deal with the IMF. The country is in talks to extend its two-year stand-by arrangement, which is expiring in September 2014.
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