The FBIH entity government and all ten cantons in this Bosnian region will revise their budgets for the current year because of revenues that have been smaller than forecast.
The revised budgets will serve as a basis for the 2009 budgets, it was concluded in the Bosnian capital Sarajevo yesterday.
A government release issued afterwards states that a fiscal council would be established in the FBiH entity, both to coordinate fiscal activities in the entity and to define its positions within the Bosnian State Fiscal Council. Through that body, a single budget for the FBiH entity should be defined.
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Posted at Tuesday, October 07, 2008 0 comments
Labels: bosnia, bosnia news, bosnian news, bosnian state budget for 2008, bosnian state fiscal council, fbih entity
REAL ESTATE PRICES TO GO DOWN IN BOSNIA DUE TO GLOBAL FINANCIAL CRISIS
SARAJEVO, Bosnia (October 7,2008) – According to the Director of the World Bank’s Office in Bosnia Marco Mantovanelli, the Bosnian economy is in quite a good shape. The inflation rate is around eight percent, and it is not expected to go over ten percent by the end of 2008, and GDP growth rate is at a stable six per cent, so there is no reason for major concerns,he said.
However, the financial crisis that first hit the United States and than started pouring over to Europe will certainly be felt in Bosnia, as well,he said.
Mantovanelli is uncertain about the extent of its impact, but says that banks in Bosnia are already more restrictive in lending, interest rates are slightly up, while remittances are stagnant (last year the expatriates sent around 4 billion Bosnian Marks to their relatives in Bosnia).
As a result, Mantovanelli expects the real estate prices to go down. He hopes the state would find ways to help the business sector.