Bosnias central govt adopts 2011 budget draft worth EUR 637mn.

By bne IntelliNews February 14, 2012
Bosnias central government adopted on Monday, February 13, a 2011 budget draft worth BAM 1.246bn (EUR 637mn), daily Glas Srpske reported, quoting Prime Minister Vjekoslav Bevanda as saying. Some BAM 905mn of the total go for financing the state institutions and BAM 342mn for servicing the countrys foreign debt, Bevanda told reporters in Sarajevo. The draft will be now sent to Bosnias tripartite presidency for approval and then to the parliament for ratification. Bevanda said that once these institutions approve the budget, the servicing of the countrys foreign debt and all its budget payments will be unblocked and conditions for drafting the 2012 budget will be created. Bosnia has stopped servicing its foreign debt since the start of 2012 due to unresolved legal procedures linked to the severe delay in the adoption of its 2011 state budget. The country spent last year on temporary financing because its leading politicians failed to agree on the formation of its state-level government following the October 2010 vote. A new cabinet was finally voted in office last week. The World Banks country manager for Bosnia, Anabela Abreu, said in the beginning of February that the Bank could block all of its funding to Bosnia if the Balkan country does not pay off its overdue liabilities to the global lender by February 14.
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