Council of Ministers of BiH Adopts Budget for 2016

The Council of Ministers of BiH has adopted the Draft Law on the Budget of Institutions of Bosnia and Herzegovina and International Obligations of Bosnia and Herzegovina for 2016, which the Ministry of Finance and Treasury will submit to the Presidency of BiH, responsible for its proposal, reports the Patria News Agency.

According to the Draft Law, the budget amounts to 1,720,637,818.00 KM, of which total revenues for financing institutions and receipts are at the level of previous years and amount to 950,000,000.00 KM, and revenues for servicing external debt are 770,637,818.00 KM, which is 157,057,193.00 KM higher compared to the previous year's budget.

In the revenue structure, the collection from the Single Account dominates in the same amount as in 2015, which is 750,000,000.00 KM.

Budget priorities include building state functions related to meeting the conditions for European Union membership, implementing the Stabilization and Association Agreement, and operationalizing the State Agency for Execution of Criminal Sanctions, Detention and Other Measures of BiH.

The Draft Budget is based on the Global Framework of Fiscal Balance and Policies in Bosnia and Herzegovina for the period 2016-2018, with the aim of further implementing austerity measures in BiH institutions. Total public spending is reduced to a level that real revenues allow without hindering the implementation of reforms.