Утицај међународних финансијских институција у БиХ на јавни сектор, структуру и политику дуга
Impact of International Financial Institutions in BiH on the Public Sector and the Debt Structure and Policy

Summary/Abstract: On the basis of membership in the International Monetary Fund, BiH realized memberships in the IBRD and EBRD, and has reached a comprehensive and intensive level of financial cooperation with these two international institutions as well as with the European Investment Bank. The deployment of international financial resources in the past period for the current funding of public infrastructure and other project needs was predominantly related to the World Bank, the EBRD, the EIB and the IMF in terms of the budget adjustments needs. Obligations to the EIB during the last six-year period were approximately tripled where the share in the overall debt doubled and changed from 5.46% to 10.58%. The commitments to the EBRD in the same period increased by 4.3 times and they nearly tripled from 2.58% to 7.23% in relation to the structure of the total foreign debt. In view of the World Bank, the financing of domestic project needs was mainly focused on the IDA component sources and during this period the debt under this source increased by 18.6%. At the same time, the share of commitments towards the WB decreased from 53.42 to 37.45% in the foreign debt structure. High-changing commitments to the IMF indicate the difficulties in correcting the budget deficit and the presence of balance of payments disequilibrium Bosnia and Herzegovina. Although the financial activities of the three dominant banks dominantly opt for the amount of sovereign BiH debt, their transition impact on BiH is moderate and weak especially with the key infrastructure projects. Insufficient transition effects, delays in reforms, lack of medium-term planning in the creation of sovereign debt suggest the need to review the system of debt management in BiH.

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