Bosnias Federation adopts 2012 budget revision, raising revenue by 3.9%.

By bne IntelliNews July 27, 2012
Bosnias Federation government said it adopted on July 26 its 2012 budget rebalance, raising total revenue by 3.9%. Under the revision, total revenue climb to BAM 1.999bn (EUR 1bn) since the initial one was not enough to meet all the obligations of the Federation, the government said in a statement. The fiscal policy revision, which has been a condition for receiving a new IMF bail-out loan, aims to strengthen the stability of the financial system, to continue restrictive public spending and cut budget gap. The government will continue to monitor revenue collection and budget execution and, if needed, will adjust all budget expenditure to the available income. Bosnias PM Vjekoslav Bevanda said earlier this week Bosnias two entities the Serb Republic and the Federation, should revise their budgets until September 7, which is a number one condition before the country to receive a bail-out loan from the IMF. The Fund said last week it has agreed a 24-month funding deal worth some USD 500mn with Bosnia, which is a subject to approval by its executive board in September. Until then, Bosnia is expected to implement a number of agreed measures as part of the IMF-supported economic programme. Bevanda said that the remaining conditions include the continuation of structural reforms and the reduction of public spending, as well as the adoption of key laws on fiscal discipline.

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