FBiH Budget Rebalance Adopted Mid-Night, House of Peoples Session to Follow

(Patria) - The House of Representatives of the Federal Parliament approved the Proposal for the rebalance of this year's budget of the Federation of Bosnia and Herzegovina at a session held on the night of October 26.

The Federal Government proposed to the Parliament that the rebalanced budget of FBiH for this year amounts to a total of 6,937,563,355 KM, which is 211.7 million KM or 3.1 percent more compared to the current one.

Explaining why the rebalance was proposed under an urgent procedure, the Government cited revised macroeconomic indicator projections for 2023 and revised indirect tax projections, as well as the European Central Bank's measures to combat inflation (raising key interest rates) and the inability to execute certain expenditures that have become an integral part of the valid FBiH budget for 2023 based on adopted amendments.

The explanation from the Ministry of Finance listed the key reasons for the rebalance, which include rectifying technical errors in certain economic codes in the budget and the Budget Execution Law, resulting from amendments adopted during the parliamentary procedure of the initial budget adoption; adopting amendments to the Law on Social Protection, Protection of War Victims, as well as the Decision on Extraordinary Pension Adjustment by 3.9 percent, effective from May 2023.

For the rebalance to take effect, it must also be approved by the House of Peoples.