May 22, 2018 / 3:16 PM / a month ago

Bosnian region revises 2018 budget, targets capital investment

SARAJEVO (Reuters) - Bosnia’s autonomous Bosniak-Croat Federation increased its 2018 budget by 4 percent to 3 billion Bosnian marka (1.3 billion pounds) on Tuesday, transferring unspent budgetary funds from last year to invest in infrastructure.

Finance Minister Jelka Milicevic said funds totalling 107 million marka will be used to build a road section.

The government decided to change the structure of the 2018 budget after receiving 184.4 million marka from the World Bank and the International Monetary Fund, which had been delayed due to its failure to fulfil conditions.

“After receiving these funds, we have decided to cancel the sale of 124 million marka worth of bonds, as well as the sale of 60 million marka worth (of) claims from public companies,” Assistant Finance Minister Alija Aljovic told Reuters.

The Federation, which makes up Bosnia along with the Serb Republic, has cancelled all debt auctions in the first half of 2018 as a rise in revenues and aid from the World Bank and IMF removed the need for additional budgetary funds.

The Serb Republic also increased its 2018 budget by 3.7 percent to 3.4 billion Bosnian marka, saying it would spend increased revenues on capital investment and debt servicing.

Reporting by Daria Sito-Sucic; Editing by Alexander Smith

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