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William J. Clinton

Abstract

Thank you very much, Secretary Summers, President Wolfensohn, Chairman Acharya, Director Camdessus, Vice President Fall, Secretary Anjaria. Let me begin by saying how very grateful I am to be here with all of you. I appreciate the generous introduction. Some of you may have heard me say this before, but the introduction that Secretary Summers just gave me is an illustration of one of my unbending laws of political life: whenever possible, be introduced by someone you have appointed to high office. It is much easier, because he has done such a superb job, and I thank him.

International Monetary Fund

This Selected Issues paper examines the risks and structural weaknesses in Bosnia and Herzegovina. The paper provides an estimate of the current account adjustment required to stabilize net foreign liabilities. It uses the external sustainability approach of the Consultative Group on Exchange Rate Issues (CGER) methodology for exchange rate assessment. The paper analyzes the impact of the newly introduced borrowing rules on the longer-term debt dynamics. An overview of salient facts about unemployment in Bosnia and Herzegovina is also presented.

International Monetary Fund

This 2007 Article IV Consultation highlights that the economy of Bosnia and Herzegovina is enjoying its fourth consecutive year of stable growth underpinned by the currency board. Export growth of 29 percent on the back of productivity gains, export price increases, and improvements in reporting following the introduction of the VAT, combined with robust domestic demand, pushed real GDP up 6 percent in 2006. Fiscal policy has thus far been prudent. This good overall picture reflects a benign external environment and the effects of past economic reforms.

International Monetary Fund

This paper assesses Bosnia and Herzegovina’s First Review Under the Stand-By Arrangement and a Request for Waiver of Performance Criteria. Good progress has been made under the program. Economic activity and fiscal consolidation have exceeded expectations, inflation is low, and fiscal and structural reforms proceed apace. GDP is expected to grow 4 percent in 2002, up from the programmed 2¼ percent, reflecting strengthened industrial activity and good harvests, buoyed by booming bank credit to households.

International Monetary Fund

Bosnia and Herzegovina has come a long way, but has to achieve more in terms of economic transition. The core and most urgent economic task is corporate restructuring. Labor market institutions need to be transformed alongside. The fiscal and structural reform agenda will require strengthened fiscal institutions and macroeconomic data. The financial policies have been well calibrated. The agenda will tax implementation and absorptive capacity to its limits. The strength of the government’s commitment to confront the structural challenges ahead will be decisive.

International Monetary Fund

This report highlights Bosnia and Herzegovina's Request for Stand-By Arrangement (SBA). The authorities have requested a 15-month SBA in the amount of SDR 67.6 million (40 percentof quota) for June 2002–September 2003. Private investment and FDI remain mired in concerns over political risks, the hostile business environment, and infrastructure bottlenecks. Fixed investment outside government,construction, and reconstruction is low—perhaps 10 percent of GDP, and construction is slowing as aid inflowsare curtailed. Significant fiscal consolidation appears to have been achieved in 2001 and fiscal structures have been strengthened.

International Monetary Fund

Activity and fiscal policy continue to exceed expectations, but strong bank credit growth has fuelled a sharp increase in the current account deficit. In this context, the new administrations recognize the need to establish the macroeconomic stability quickly. These actions are supported by strengthened bank regulations. The new administrations recognize the need for sweeping structural reforms if their aspirations to eventual EU membership and sustained growth are to be realized. But with unemployment high and with large aid inflows set to decline further, risks remain.

International Monetary Fund

Activity and fiscal policy continue to exceed expectations, but strong bank credit growth has fuelled a sharp increase in the current account deficit. In this context, the new administrations recognize the need to establish the macroeconomic stability quickly. These actions are supported by strengthened bank regulations. The new administrations recognize the need for sweeping structural reforms if their aspirations to eventual EU membership and sustained growth are to be realized. But with unemployment high and with large aid inflows set to decline further, risks remain.