B&H Left Without a New Tranche of the Stand-By Arrangement

April 30, 2014 12:31 PM

MMF_4468_0_0_468X10000The stand by arrangement for B&H from the IMF could be jeopardized, after the House of Peoples of the Parliamentary Assembly of B&H has postponed the consideration of amendments to the Law on B&H Excise relating to the harmonization of excise duty rates on various tobacco products.

The IMF Resident Representative for B&H Ruben Atoyan warned in this regard and in a statement that expressed that the failure to adopt amendments to the Law on Excise prevents concluding the sixth review of obligations of B&H within the frame of the stand by arrangement.

“The IMF staff at this moment cannot present the sixth review under the stand by arrangement with B&H in front of the Executive Board of IMF. Although, the entity authorities conducted the agreed measures in terms of improving revenue collection and budgetary process, the decision of the House of Peoples of the B&H Parliament to postpone consideration of amendments to the law on excise which would harmonize excise rates on various tobacco products prevents concluding the review and therefore the allocation of a new tranche”, said Atoyan.

He states that he expects the IMF mission to return to Sarajevo and Banja Luka in the second half of May in order to lead discussions about the continuation of IMF support to B&H.

(Source: Ekapija.ba)

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