Bosnias Federation lower parliament house endorses 2012 budget.

By bne IntelliNews January 12, 2012
The lower house of Bosnias Federation parliament has endorsed the entitys 2012 budget worth BAM 1.9bn (EUR 971mn), news agency FENA reported. This years budget is now pending approval by the upper house. The Federation expects total revenue of BAM 1.575bn this year, nearly unchanged from 2011, while planned expenditure is 11% higher than last years because of the Federations foreign and domestic debt obligations due in 2012, the report said. The entity plans to cover its BAM 350mn fiscal gap via issuing long-term bonds of BAM 230mn and Treasury papers of further BAM 60mn, as well as thanks to a BAM 58.6mn credit from the European Commission. The Federations Prime Minister Nermin Niksic told the parliament session that the planned cuts in this years public spending include a 4.5% reduction of public sector wages, FENA reported. According to Niksic, the wages cut is not a budget saviour but would allow Bosnia to continue talks with the IMF on unfreezing already approved funds. He added that without the IMF funds the public sector wages would be halved. The Federation is one of the two autonomous parts that make up Bosnia. The other one is the Serb Republic.
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