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CURRENT PROBLEMS AND CHALLENGES OF PUBLIC DEBT IN B&H

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Author(s): Miroljub Krunić

Journal: Zbornik Radova Ekonomskog Fakulteta Istočno Sarajevo
ISSN 1840-3557

Volume: 6;
Start page: 161;
Date: 2012;
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Keywords: public debt | foreign debt | debt management system | economic policy | economic development | fiscal sustainability | competitiveness

ABSTRACT
In the period after 1995, Bosniaand Herzegovina has received a comprehensiveand substantial international financial assistanceand support in order to achieve more rapideconomic recovery and economic development, aswell as implementation of transitional changes bycarrying out socio-economic reforms. Suchinternational assistance required theimplementation of consistent and efficient economicpolicies. They have been represented declaratively,but their implementation was not efficient enough.Delays in implementing the planned reforms,problems in maintaining control of the deficit andinsufficient attention paid to the system of publicdebt have caused the increase in risk to maintainoptimal level of external and internal public debt.At the end of 2010, the total level of the countrydebt reached a level of 34% related to the grosssocial product with a tendency to increase, whilepublic debt of entities tends to approach the limitvalues in terms of current regulations in BiH.Establishing a system of project needsmanagement, maintaining the planning approach inthe creation of public debt, greater responsibilityfor the conduct of appropriate and consistenteconomic policy and an active approach in view ofincreasing the competitiveness represent importantchallenges for all levels of BiH government.
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