mproving Public Finance Statistics for Increased Transparency by International Standards

The Central Bank of Bosnia and Herzegovina and the Agency for Statistics of Bosnia and Herzegovina have signed a Memorandum of Cooperation in the field of government finance statistics, further confirming their commitment to improving the quality, reliability and international comparability of fiscal data. This Memorandum strengthens inter-institutional cooperation, which will improve the harmonisation of the statistical system of Bosnia and Herzegovina with the standards of the European Union and contribute to the strengthening of the institutional framework in the field of economic policies.

The Central Bank and the Agency for Statistics, as signatories to the Memorandum, will actively contribute within their competences to the development and improvement of statistics of government finance (GFS) and the Excessive Deficit Procedure (EDP), in accordance with the methodology of the European Union and the principles of the European Statistics Code of Practice.

The Governor of the Central Bank of Bosnia and Herzegovina, Jasmina Selimović, Ph.D. emphasised that the cooperation with the Agency for Statistics contributes to more accurate and reliable reporting, and international comparability of data. "Reliable and methodologically harmonised statistics enable good quality monitoring of fiscal indicators and contribute to greater transparency of public finance, which is of key importance for the stability and development of the economy of our country," said Governor Selimović.

Director of the Agency for Statistics of Bosnia and Herzegovina, Vesna Ćužić, added that this form of institutional cooperation enables further development of the statistical system. "Through joint efforts, we strengthen trust in official public finance statistics, the credibility of fiscal policies, and contribute to the country's readiness to fulfil its obligations in accordance with international and European criteria of fiscal transparency," said Director Ćužić.

The signing of the Memorandum is an important element of Bosnia and Herzegovina's economic dialogue and cooperation with the European Commission and the Eurostat.