Governor of the CBBH at the IMF and the World Bank Annual Meeting in Morocco

Governor of the Central Bank of Bosnia and Herzegovina (CBBH) Senad Softić, Ph.D., attended, as a member of BH delegation, the Annual International Monetary Fund (IMF) and World Bank Meeting, held from 9 to 15 October 2023 in Marrakesh (Morocco). The Delegation of BH has included, beside Governor Softić, Minister of Civil Affairs of BH Dubravka Bošnjak, Minister of Transport and Communications of BH Edin Forto and Deputy Minister of Finance and Treasury of BH Muhamed Hasanović.

At the Annual Meeting, developments in global economy and international financial markets, consequences of increased geopolitical tensions on economy and strengthening of international cooperation were discussed. Managing Director of the IMF, Kristalina Georgijeva presented the Global Policy Programme at the Meeting.

During his visit to Marrakesh, Governor, together with Minister Bošnjak, had bilateral meetings with high officials of the IMF, Deputy Managing Director of the IMF, Bo Li and Director of the European Department of the IMF, Alfred Kammer. The significance and role of the CBBH in preserving monetary stability in complex political and economic environment were stressed at the meetings.

Governor presented activities and plans of the CBBH for the period ahead, aimed at supporting economy and citizens, and particularly stressed further improvements of payment system and adjustments to SEPA (Single Euro Payment Area) and TIPS (instant payments in the EU). A close cooperation with the World Bank and other Western Balkans countries was achieved within this project. „The aim is to harmonise with the rules and standards of the EU and create a base to make payments more efficient, faster, cheaper and safer“, Governor said.

Governor pointed out the need of accelerated implementation of planned reforms in order to improve environment in BH, and create conditions to encourage qualified and highly educated young people to stay in the country.

Minister Bošnjak informed the IMF representatives on the agenda of BH Council of Ministers, and the needed reform processes in BH in accordance with the IMF recommendations, and also the set priorities for the membership in the European Union.

The IMF and the World Bank have fully supported the CBBH and BH institutions in continuing the implementation of their competences and planned reforms.

Within the Annual IMF and World Bank Meeting, Governor also attended the meeting of Dutch-Belgian Constituency which Bosnia and Herzegovina belongs to, and the meeting of IMF officials with Governors and Finance Ministers of Central, Eastern and South-Eastern Europe countries, where economic outlooks, potential risks and challenges for Europe in the coming period were discussed.

The IMF and World Bank Annual Meetings are the platform at which central bankers and finance ministers of member countries discuss global economy and policies as a response to challenges related to achieving growth, equality and progress.