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International Monetary Fund

. General government 333 292 104 580 604 175 751 N/A N/A 631 of which : State government 20 20 3 -11 -11 -71 112 N/A N/A 121 RS government 251 237 127 429 480 243 499 N/A N/A 521 Federation government 61 34 -23 164 137 19 159 N/A N/A -8 Ceiling on the increase in the total value of outstanding commitments by the State, Federation and RS governments under guarantees of private and public sector enterprises’ debts to

International Monetary Fund

Parliament. Federation of Bosnia and Herzegovina Territory Comprises the postwar Bosniac-and Croat-majority areas of Bosnia and Herzegovina. The Federation has a decentralized govermnent under which many responsibilities fall to the Cantons (10) and constituent municipalities. Responsibilities The Federation government is responsible for transfers to finance the State institutions, for financing defense-related activities, internal security, and tax and customs administration for the Federation; and for formulating fiscal and aspects of

International Monetary Fund

. The Federation government has also succeeded in consolidating the cantons’ fiscal operations. All fiscal issues that were raised at the time of the last Board discussion were either addressed or a sufficient basis for their resolution has been created. The authorities remain committed to fiscal reform, but they think that further concerted advice from IFI’s and financial support from the donor community will be needed to complete this task and put the government finances on a sustainable basis. The authorities of both entities have submitted their 2002 budgets to

International Monetary Fund

/ 0 0 0 0 the RS government and municipalities 10 3 10 7 the RS extra-budgetary funds 2 0 2 0 the Federation government 20 18 20 18 the Federation cantons 4/ 10 5 10 6 the Federation municipalities 4/ 8 4 8 5 the Federation extra-budgetary funds 0 0 0 0 Ceiling on contracting or guaranteeing of new concessional external debt with original maturity of more than one year by the public sector 5/ 6/ 445 245 445 284 Ceiling on

International Monetary Fund

credit of the banking system to the consolidated general government the State government 4/ 0 0 0 0 0 0 the RS government and municipalities 10 14 10 10 10 10 the RS extra-budgetary funds 2 6 2 2 2 2 the Federation government 20 11 18 20 20 20 the Federation cantons 10 10 8 10 10 10 the Federation municipalities 8 4 4 8 8 8 the Federation extra-budgetary funds 0 0 0 0 0 0 Ceiling on contracting or

International Monetary Fund

2008) and, under current policies, the headline deficit would widen to 7¾ percent of GDP thus implying an additional 1½ percentage points of GDP deterioration in the structural balance. Without a policy correction, the deficit would spiral over the medium term, thus worsening fiscal sustainability prospects. In addition, financing conditions have also deteriorated. Although the RS could meet its financing needs by tapping its privatization funds, the Federation government would be left unable to finance a large deficit at a reasonable cost. 15. Against this

International Monetary Fund

privatization vouchers 12. Privatization vouchers still represent potentially very large claims on the Federation government. Immediately after the 1992-95 war, the governments of both entities issued vouchers to their citizens. The amount of vouchers allocated depended on various parameters such as age, length of government service, length of military and government service during the war, unpaid pensions, unpaid wages, etc. These vouchers could be used, at face value, to purchase government-owned assets such as apartments and companies at inflated book values. In the RS