Bosnia and Herzegovina Delegation in Washington Seeks Support from World Bank and IMF

A BiH delegation is attending the Spring Meetings of the World Bank and IMF in Washington, held from April 17-19, reports the BiH news agency Patria.

The Minister of Foreign Affairs of Bosnia and Herzegovina and Deputy Governor of BiH to the International Monetary Fund, Igor Crnadak, is leading the delegation of the Council of Ministers of BiH.

The delegation of the Council of Ministers of Bosnia and Herzegovina participated in meetings of the World Bank Constituency and the International Monetary Fund Constituency, and held a series of meetings with officials of international financial institutions – World Bank Executive Director Frank Heemskerk, International Finance Corporation (IFC) Vice President Dimitris Tsitsiragos, Multilateral Investment Guarantee Agency (MIGA) Vice President Keiko Honda, and IMF Mission Chief for BiH Ron van Rooden. Delegations from Republika Srpska and the Federation of Bosnia and Herzegovina, as well as the Governor of the Central Bank of BiH, Kemal Kozarić, also participated in the meetings.

The meetings reviewed Bosnia and Herzegovina's cooperation with the World Bank and the International Monetary Fund, presented macroeconomic indicators and forecasts, and discussed future cooperation and projects.

Minister Crnadak, among other things, pointed to the strong commitment at all levels in BiH to undertake necessary reforms in the country, to which political leaders and institutions of BiH have committed by adopting the Joint Statement within the framework of the European Union accession process. He emphasized that the implementation of reforms will open the door to obtaining candidate country status for membership in the European Union, and that there is broad international support for these processes.

In this context, Minister Crnadak highlighted the importance of further cooperation and effective coordination with all institutional investors such as the World Bank, IMF, European Investment Bank (EIB), and European Bank for Reconstruction and Development (EBRD), as well as European Union pre-accession funds.

Minister Crnadak also pointed out the need for BiH and the IMF to continue cooperation through a new arrangement that will ensure the stability of public finances, as well as support for upcoming structural reforms. Possible priorities within the framework of an arrangement with the IMF would include public finance stability, labor and employment, private sector development, business environment, and financial sector stability.

The need for adopting a new, ambitious program with the World Bank was also highlighted, a program that will support growth and employment in the broadest sense, as well as infrastructure development, social reforms, and protection against natural disasters. The program should be accompanied by increased investments from the International Finance Corporation in healthy and growing companies, particularly in the real sector.

On the last day of their stay in Washington, the delegation of the Council of Ministers of BiH will continue discussions with representatives of international financial institutions, hold meetings with World Bank Vice President for Europe and Central Asia Laura Tuck, World Bank Regional Director for the Western Balkans Ellen Goldstein, IMF Executive Director Menno Snel, IMF Director of the European Department Poul M. Thomsen, and IMF Deputy Managing Director Min Zhu.  

The head of BiH diplomacy spoke with Acting Assistant Secretary of State of the United States of America Paul Jones. Minister Crnadak informed his interlocutor about the political situation in Bosnia and Herzegovina, especially in light of the country's continued progress on the path of European and Euro-Atlantic integration, as well as the priorities of the new composition of the Council of Ministers of BiH.  

He emphasized Bosnia and Herzegovina's commitment to continuing cooperation with the USA, both bilaterally and multilaterally, and expressed expectations for continued US support for reform processes in our country.