CBBH Releases Consolidated Fiscal Balance for BH for 2003

The Central Bank of Bosnia and Herzegovina (CBBH) compiled and released BH consolidated fiscal data for 2003 which encompass budget and extra budgetary funds on BH, entities, Brčko District and all cantons.

The Governor of the CBBH Peter Nicholl underlines these data are result of earlier efforts of CBBH to produce reliable fiscal data. Thank to these statistical data BH authorities can rely on own data compiled in accordance with current international standards what is essential for creation and monitoring of fiscal policies.

Governor Nicholl also said fiscal data for 2003 proved that fiscal policies on all levels were conducted in very responsible manner what is, along with stability of monetary sector, important contribution to general macroeconomic stability in BH.

These fiscal statistics have been prepared with full support of all Ministries of Finance and Governor appreciated their assistance.

Consolidated fiscal data for 2003 shows that overall fiscal surplus, including budgets and extra budgetary funds, at BH level in amount of 95 million KM. So BH is one of the few European countries with fiscal surplus.

Revenues are amounted to 5, 312 billion KM, what is 3.5% higher then in 2002.

Expenditures increased by 0.8 % compared to 2002 and amounted to 5, 043 billion KM. 173 millions KM were spent on acquiring of fixed and non-financial assets or 17% more then in 2002, what is indication of investment activities.

Consolidated fiscal surplus was maintained in both entities as well. In BH Federation budget operated with small deficit, while extra budgetary funds, except health care funds, had surpluses. In Republic of Srpska it was opposite, the budget performed with surplus and net balance of extra budgetary funds, except child care fund, was negative.

The figures and tables are available on the CBBH's web site www.cbbh.ba. The CBBH will continue to expand coverage and quality of statistics of fiscal sector, so there will be fiscal balances on quarterly basis very soon.

Governor Nicholl, however, warns on different accounting practices and reporting standards for public finances within BH. It makes harder to compile statistics and impedes efficient analysis. It is necessary and important to harmonize accounting standards within BH and to incorporate international accounting standards into public finance accounting in BH as soon as possible.