Press Release No. 15/508

Press Release: Statement at the Conclusion of an IMF Mission to Bosnia and Herzegovina

November 11, 2015

An International Monetary Fund (IMF) staff mission, led by Mr. Nadeem Ilahi, visited Banja Luka and Sarajevo during October 28 to November 11, 2015, to assess recent economic developments and continue discussions on a new economic program that could be supported by the IMF. At the conclusion of the visit, Mr. Ilahi made the following statement:

“The mission and the authorities made progress in discussing policies to increase the economy’s growth potential by intensifying reforms to attract investment and create more private sector jobs; continuing fiscal consolidation to place public debt on a steady downward path; lowering the size of government; improving the quality of government spending; and reviving bank lending while safeguarding financial sector stability.

“The authorities need more time, however, to finalize the 2016 budgets, which are critical for a potential IMF-supported program. The authorities are also working out details in a number of areas outlined in the Reform Agenda, including measures to improve the functioning of the labor market, strengthen tax collection, enhance bank oversight, and improve the business environment. The mission will maintain a close dialogue with the authorities in the period ahead and stands ready to assist them in their efforts.”