High Representative and EU Special Representative Valentin Inzko met today in Sarajevo with Jane Armitage, World Bank Director and Regional Coordinator for South-East Europe. During the meeting, HR/EUSR Inzko and Jane Armitage discussed the current political and economic situation in Bosnia-Herzegovina and present and planned World Banks projects in the country.
HR/EUSR Inzko thanked the World Bank for its timely assessment of the impact of the global economic crisis on BiH and efforts that the World Banks undertook to help mitigate its effects.
The meeting also touched on the stand-by arrangement with the IMF and results of the meeting between BiH and IMF representatives in Vienna. The HR/EUSR pointed out that the economic crisis had not stayed away from Bosnia-Herzegovina.
The seriousness of the financial crisis and the possible consequences of the authorities’ failure to make good on their commitments to the IMF would put at risk not only the financial stability in the country but also its international credibility. The authorities of BiH had a chance to negotiate requirements for a stand-by arrangement with the IMF and the requirements as they stand today represent a product of those negotiations. The IMF will assess the BiH authorities’ compliance, and thus the country’s eligibility for a stand-by arrangement.