FBIH ENTITY TO ESTABLISH A FISCAL COUNCIL

SARAJEVO, Bosnia (October 7,2008) - The FBIH entity government and all ten cantons in this Bosnian region will revise their budgets for the current year because of revenues that have been smaller than forecast.

The revised budgets will serve as a basis for the 2009 budgets, it was concluded in the Bosnian capital Sarajevo yesterday.

A government release issued afterwards states that a fiscal council would be established in the FBiH entity, both to coordinate fiscal activities in the entity and to define its positions within the Bosnian State Fiscal Council. Through that body, a single budget for the FBiH entity should be defined.
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BOSNIAN STATE FISCAL COUNCIL ESTABLISHED

SARAJEVO, Bosnia (September 12,2008) - The Bosnian State Fiscal Council convened in the Bosnian capital Sarajevo yesterday, for the first time. Its members are the country’s prime minister and state and entity finance ministers, while the Bosnian Central Bank Governor and the Brcko District mayor are observing members of the Council.

This body will coordinate the national fiscal policy, in accordance with the Fiscal Council Act, with the aim of securing macroeconomic and fiscal sustainability of Bosnia, Bosnia's Prime Minister Nikola Spiric said.

The initial tasks of the Council include appointing members of an advisory committee, budget analysis (by September 20) and adoption of the Rules of Procedure (in the following meeting scheduled for September 25).
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