Bosnian Authorities agree on Distribution of 330 Million Euros from IMF

June 3, 2020 11:00 AM

 

The decision on the allocation of funds from the Rapid Financing Instrument (RFI) from the International Monetary Fund (IMF) was unanimously adopted at the session of Council of Ministers of Bosnia and Herzegovina on Tuesday, Bosnian Minister of Finance and Treasury Vjekoslav Bevanda told reporters after the session, Vijesti.ba news portal reports.

He stated that this decision determines the schedule of withdrawn funds of the Rapid Financing Instrument from the IMF in the total amount of 330 million special drawing rights in the equivalent of the convertible mark at the valid exchange rate on the day of withdrawal.

He added that the Ministry of Finance and Treasury will allocate funds from the Rapid Financing Instrument, in accordance with the Decision of the Fiscal Council of BiH, signed Letter of Intent and Memorandum of Understanding in the following proportions – 61.5 percent for the Federation of BiH with its 10 cantons; 37.5 percent for Republika Srpska and one percent for Brcko District of BiH.

Bevanda said that the debt is being repaid by the entities and the Brcko District, in accordance with the legal regulations which regulate the settlement of obligations towards international financial institutions according to the established repayment plans.

“The decision enters into force on the day of its adoption and is published in the Official Gazette. The signatory of this decision will be the chairman of Bosnian Council of Ministers, Zoran Tegeltija,” Bevanda added.

Answering a journalist’s question about how the adopted decision differs from the previous one, he said that this was the third time that the Council of Ministers was trying to make a decision.

“In the article which says that 61.5 percent is for the Federation of BiH with its 10 cantons, in the first decision it was written the same way, without these cantons. Then there was the sub-article that the funds belonging to the Federation will be distributed 50 percent to the Federation and 50 percent to the cantons,” Minister Bevanda explained.

 

 

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