International Monetary Fund pays 37 Million BAM to Canton Sarajevo

August 17, 2020 12:15 PM

 

Funds from the International Monetary Fund (IMF) approved for emergency aid to Bosnia and Herzegovina to help the health sector and economy in dealing with the epidemic and disease COVID-19 were paid into the deposit account of Sarajevo Canton, is confirmed by Sarajevo Canton Minister of Finance Jasmin Halebic.

The money had already been paid into the account of the Central Bank of BiH, but for distributing to lower levels of government it was necessary for the Council of Ministers to make a decision on the distribution of funds.

Today, the amount of 36,178,423 BAM was allocated to the Ministry of Finance of Sarajevo Canton from the level of Federation of BiH to the deposit account for public revenues of SC. The largest part of that amount is planned as financial support of 20 million BAM for the economy, in the form of payment of part of salaries to workers whose companies have suffered a significant reduction in income in the past few months.

The funds are also intended to support industrial production, youth employment and servicing debts from the previous period.

The BiH Ministry of Finance and Treasury distributed funds in accordance with the decision of the BiH Fiscal Council, the signed Letter of Intent and the Memorandum of Understanding in the following proportions: 37.5 percent for the BiH entity of RS, 61.5 percent for the FBiH entity (with ten cantons), and the money belonging to the Federation of BiH was divided in such a way that 50 percent remained at the FBiH level and 50 percent was distributed to the cantons, with the FBiH and RS allocating 1 percent of their amounts for the Brčko District.

 

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