BANJA LUKA (Bosnia and Herzegovina), November 5 (SeeNews) – The parliament of Bosnia’s Serb Republic approved late on Tuesday a revised 2008 budget whose spending and revenue targets are both 5.0% higher at 1.575 billion marka ($1.035 billion/805.3 million euro), a Bosnian Business news website reported on Wednesday.
Sixty deputies voted in favour and 16 were against, with no abstentions, to endorse the budget proposed by the Serb Republic government in late October, Capital.ba reported.
The government said earlier it has revised the 2008 budget due to higher revenue collection so far that allowed higher spending.
It said that, in adopting the budget, it has been consistent in keeping public spending below 40% of gross domestic product, in line with the recommendations of the International Monetary Fund.
The Serb Republic is one of the two autonomous parts forming Bosnia, and the other is the Muslim-Croat Federation. The two parts have separate budgets. Bosnia also has central government and institutions which have their own budget.
The highest spending increases under the Serb Republic's revised budget for 2008 are planned for education and culture, labour and internal affairs, the government has said.
It also said it was preparing the region’s budget draft for 2009 and planned an up to 5.0% increase in its targets compared to the 2008 budget. It said in 2009 it would keep public spending at its current level.
(1 euro = 1.95583 Bosnian marka)
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