Bosnias Serb Republic to save EUR 7.67mn via 2012 budget rebalance.

By bne IntelliNews August 3, 2012
Bosnias Serb Republic government will draft by end-August a revision plan on this year budget in order to meet an IMF request for saving BAM 15mn (EUR 7.67mn) by end-2012 and create conditions for signing a new loan deal with the Fund, the Republics finance minister Zoran Tegeltija was quoted as saying by news agency Srna. Tegeltija said that the savings that will be achieved thanks to the budget rebalance will not impact anyones income. He dismissed statements made by the opposition that the government has pledged to cut spending on social rights by BAM 5mn in a letter of intent to the IMF. Tegeltija added that the Fund is seeking from Bosnian authorities to apply budget savings, implement a stronger public spending control and suspend new employment. Last month, the IMF said it 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, including budget revisions of Bosnias two entities the Serb Republic and the Federation. Bosnia failed to meet the conditions to unfreeze its earlier EUR 1.1bn stand-by deal with the IMF signed in July 2009. The Balkan state, which is divided into the self-governing Federation and Serb Republic, managed to withdraw only a third of the funds.
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