Post by karabin on Nov 4, 2008 23:15:07 GMT -5
BANJA LUKA, Bosnia, Nov 4 (Reuters) - The parliament of Bosnia's Serbian region approved on Tuesday a revised budget for 2008 increased by 5 percent to 1.57 billion Bosnian marka ($1.03 billion), which will serve as a basis for the 2009 draft budget.
Finance Minister Aleksandar Dzombic said that increased domestic revenues allowed for the upward revision of the budget, leaving the public spending bellow the threshold of 40 percent of the GDP as advised by the International Monetary Fund (IMF).
'The reason for the budget revision is the increase in domestic revenues, which provides for the increase of total expenditures,' Dzombic told the parliament.
Under the revised budget, higher expenditures were allocated for education and culture, social benefits and police, as well as for the sectors of energy and transportation.
The government of the Serb Republic, an autonomous region that makes up Bosnia along with the Muslim-Croat federation, has said that the revised budget would serve as a basis for the 2009 draft budget, which will be increased by about 5.0 percent.
'The Serb Republic will continue to implement the policy of restrictive public spending in 2009 and keep the budget under a 40 percent of GDP to reduce possible indirect effects of the financial crisis on the Republika Srpska,' Dzombic told Reuters.
The Muslim-Croat federation, a Bosnia's other half, will revise down the 2008 budget, Federation Finance Minister Vjekoslav Bevanda said on Tuesday in Sarajevo.
Bevanda said the budget would be cut down to 1.5 billion marka from 1.76 billion marka, in accordance to his original budget proposal that has been 'blown out of proportion due to unrealistic projections of some ministries.'
Bevanda said that his government has projected a draft budget of 1.65 billion marka in 2009.
He said that the 2008 budget will not record deficit, contrary to earlier expectations.
(1$=1.525 Bosnian marka)
www.forbes.com/afxnewslimited/feeds/afx/2008/11/04/afx5646411.html
Finance Minister Aleksandar Dzombic said that increased domestic revenues allowed for the upward revision of the budget, leaving the public spending bellow the threshold of 40 percent of the GDP as advised by the International Monetary Fund (IMF).
'The reason for the budget revision is the increase in domestic revenues, which provides for the increase of total expenditures,' Dzombic told the parliament.
Under the revised budget, higher expenditures were allocated for education and culture, social benefits and police, as well as for the sectors of energy and transportation.
The government of the Serb Republic, an autonomous region that makes up Bosnia along with the Muslim-Croat federation, has said that the revised budget would serve as a basis for the 2009 draft budget, which will be increased by about 5.0 percent.
'The Serb Republic will continue to implement the policy of restrictive public spending in 2009 and keep the budget under a 40 percent of GDP to reduce possible indirect effects of the financial crisis on the Republika Srpska,' Dzombic told Reuters.
The Muslim-Croat federation, a Bosnia's other half, will revise down the 2008 budget, Federation Finance Minister Vjekoslav Bevanda said on Tuesday in Sarajevo.
Bevanda said the budget would be cut down to 1.5 billion marka from 1.76 billion marka, in accordance to his original budget proposal that has been 'blown out of proportion due to unrealistic projections of some ministries.'
Bevanda said that his government has projected a draft budget of 1.65 billion marka in 2009.
He said that the 2008 budget will not record deficit, contrary to earlier expectations.
(1$=1.525 Bosnian marka)
www.forbes.com/afxnewslimited/feeds/afx/2008/11/04/afx5646411.html