16th September 2022, Sarajevo – The entire space of the four-year 2019-2023 Country Partnership Framework with the World Bank has been used by implementing projects in our country. Ongoing World Bank’s portfolio in our country comprises nine projects amounting to around US$ 480 million, most of which are in the field of infrastructure. Additional funds of approximately US$ 80 million are expected from the WB as support to IFMIS, being incorporated in the new Organic Budget Law.
This was discussed at the meting held between the delegation headed by Minister of Finance, Fatmir Besimi and the Governor Anita Angelovska-Bezhoska, with World Bank Vice President for Europe and Central Asia, Anna Bjerde, WB Country for the Western Balkans, Xiaoqing Yu and the World Bank Executive Director, Koen Davidse. Meeting was held within the annual IMF and WB Dutch constituency meetings, which our country is a member of. Constituency takes place in Sarajevo, Bosnia and Herzegovina.
During the meeting, Minister of Finance, Besimi pointed out that the new Organic Budget Law, which is a systemic law on public finance reform, was adopted by the Parliament. Hence, IFMIS as an integrated duties collection system, which will provide for monitoring the performance, from the revenue collection until the expenditure execution, as part of the reform law, being of exceptional importance. World Bank is expected to approve funds for IFMIS, which is of crucial significance for the law implementation.
The discussions also pertained to the Municipal Sustainable Development Project, being in preparatory stage by the Ministry of Financed and the World Bank, as a continuation of the Municipal Services Improvement Project. It is estimated at around US$ 50 million, being already foreseen in the existing Country Partnership Framework with the World Bank closing in the middle of next year. Accordingly, at the beginning of 2023, the activities for preparing a new Country Partnership Framework will be launched, through which funds will be provided for new major projects in the country. A new systemic diagnostics of the country is to be prepared by the WB, since this document provides for a great thorough insight into the areas requiring implementation of systemic measures.