Council of Ministers of BiH supported socio-economic reforms previously adopted by entity governments

SARAJevo, (Patria) - The Council of Ministers of BiH adopted the document “Socio-economic reforms in Bosnia and Herzegovina for the period 2020-2022”, which was previously adopted by the governments of Republika Srpska and the Federation of BiH.

The key measures of the document “Socio-economic reforms in Bosnia and Herzegovina for the period 2020 - 2022” are aimed at sustainable and accelerated economic growth, increased private sector competitiveness and a better business environment, depoliticization and increased efficiency of public enterprises, health system reform, halting the emigration of young people from the country, and enabling young people and women to reach their full
potential.

The measures will be implemented in accordance with the constitutional competencies of each level of government and elaborated in cooperation with the European Union and international financial institutions, which will support the country’s alignment with the requirements for accession to the European Union and accelerate the accession process.

The implementation of the outlined socio-economic reforms will contribute to the implementation of the Multi-year Action Plan for the Regional Economic Area (REA MAP), which is based on EU standards and will facilitate BiH’s integration into regional and European value chains. Better connectivity with neighboring countries in transport and energy will further strengthen the country’s access and integration into the regional market. The creation of a regional
digital space and better integrated labor markets with neighboring economies will provide new opportunities for the youth of Bosnia and Herzegovina, which is important in light of their high unemployment rate.

All levels of government will do everything in their power to increase cooperation and coordination in aligning legislation to the greatest extent possible, and to strengthen the single economic space in the country. This will be achieved by strengthening the coordination of all levels of government, as stated in the European Commission’s Opinion on BiH’s application for EU membership.

The Council of Ministers of BiH, upon the proposal of the Directorate for Economic Planning (DEP) of BiH, adopted the Economic Reform Program for 2020 - 2022 (PER BiH 2020 - 2022).

The Economic Reform Program for 2020 - 2022 was prepared according to the guidelines of the European Commission and contains a medium-term macroeconomic framework and fiscal policy framework, including fiscal measures and a comprehensive program of structural reforms aimed at improving the country’s growth and competitiveness.