Nezavisne novine: SARAJEVO – The Fiscal Council of BiH will in the upcoming period reduce the public expenditure in BiH, has been announced by Nikola Špirić, Chairman of the Council of Ministries of BiH and this council, which yesterday held the first and constitutional session in accordance with the new law.
“The goal is to reduce the public expenditure to the smallest possible measure. Expenditures and transactions from the unified account of BiH must be harmonized with revenues and the social components must be agreed”, said Špirić and repeated that decisions of the Fiscal Council once are adopted and signed, will be obligatory.
He has announced that the entity ministers will by 20th September pass through the long-term framework budgets, so they would come to consensus related to transactions from the unified account.
“Surely there will be different starting opinions, but transactions from this account must be harmonized with the revenues”, said Špirić.
He explained that the goal of the Fiscal Council is to adopt all the budgets by the end of the year, and that next week the advising working group will be established. It will need to confirm the goals and politics. By September 25th the new session will be held, where rules of procedure should be adopted.
“All participants of this meeting have shown a need to prove the seriousness in building cooperation and fiscal politics in BiH”, Špirić has said.
The Fiscal Council of BiH consists of the prime ministers and the ministers for finance of BiH and entities, while representatives of the Central Bank of BiH and the District of Brčko are observers. The task of this coordinative authority is confirming the fiscal politics in order to ensure the microeconomic stability and fiscal sustainability of BiH, RS and the FBiH. In the competency of the Fiscal Council is also confirming the global frame of revenues and expenditures in BiH, and adopting the proposal of the short-term and long-term microeconomic projections with an aim to ensure sustainability of BiH, and taking over the corrective measures and activities in this field.