The High Representative, Wolfgang Petritsch, is pleased to announce that an extensive financial audit of the water sector in the Federation BiH and the Republika Srpska, funded by a donation the European Commission, began this week.
At the request of the High Representative, British experts will undertake a financial review and assessment of the public water companies to provide an accurate and comprehensive picture of fiscal management within the public water sector. This represents a key step in the institutional reform of the public utilities sector, advocated by the High Representative and the Peace Implementation Council.
A thorough review, executed according to internationally recognised auditing standards, will increase the transparency and credibility of the water sector institutions in both Entities. The availability of accurate information should encourage the crucial strategic investment required in this sector, providing long-term job security, increasing efficiency and improving the service to the customers, the citizens of BiH.
The international community has already donated over $350 Million and continues to make an immense financial contribution in rehabilitating water supply services and facilities throughout both entities. Meanwhile, substantial revenues are being collected by both governments from water consumers throughout Bosnia and Herzegovina.
The review has the full support of the Prime Ministers of both Entities .The financial report is expected to be completed in four months, and will provide an assessment of the efficiency of asset management and accounting practices within the public water sector throughout Bosnia and Herzegovina. Financial accountability not only serves the requirements of internationally funded projects completed here-to-date, it opens the way to join Europe and will help attract long-lasting foreign investment in the water sector too.