Governor Softić at the conference of the IMF and the Croatian National Bank

Governor of the Central Bank of Bosnia and Herzegovina (CBBH), Senad Softić, Ph.D. attended the conference entitled "Creating policy in troubled waters: fostering resilience in Central, Eastern and Southeastern Europe", organized by the International Monetary Fund (IMF) and the Croatian National Bank (CNB), held on 2 and 3 June 2023, in Dubrovnik, Croatia.

The conference was attended by high-ranking officials, including the Director General of the IMF, Kristalina Georgieva, the Governors of the Central Banks of Central, Eastern and South-Eastern Europe (CESEE), officials of the IMF, the World Bank, the European Bank for Reconstruction and Development, the European Investment Bank and other international organizations.

The theme of the conference was the consideration of the main challenges faced by the mentioned countries, with a special focus on geopolitical fragmentation, supply shocks, including the current energy crisis, as well as accelerated climate change. Participants discussed the possibilities for overcoming these challenges through appropriate fiscal, monetary and structural measures.

As a conclusion, it was pointed out that it is necessary for all countries to strengthen their resistance to shocks, by applying policies aimed at timely identification of risks, diversification of supply channels, increasing the level of international reserves and strengthening public finances. These measures will enable countries to better face challenges and ensure stability and sustainability in the future.

On this occasion, Governor Softić singled out from the domestic challenges those related to the labor market, demographic structure, unemployment and the departure of highly educated and qualified workforce to the countries of Western Europe. He also stated the need to intensify investments in renewable sources of electricity in order to ensure medium- and long-term energy sustainability. This should be taken into account with the Fund's new programs with Bosnia and Herzegovina.

In addition to all of the above, the Governor particularly emphasized the importance of cooperation and joint work, despite the trends of fragmentation.

The European Union (EU) is celebrating 30 years of the single market this year. The approximation of Bosnia and Herzegovina to the EU opens up many perspectives and benefits for our country, economy and citizens, which obliges us to improve the functioning of the single market in Bosnia and Herzegovina. This will speed up our efforts in getting closer to the EU.

Finally, the Governor expressed the hope that CESEE member countries, the IMF and other international financial institutions will help us on our way, without an alternative.