2018年-IMF国际货币组织全球_Bosnia_and_Herzegovina_Technical_Assistance_Report_20页_988kb

Summary of Government Finance Statistics Technical Assistance Mission in Bosnia and Herzegovina

Core Content

This report is a Technical Assistance Report (TA) prepared by the International Monetary Fund (IMF), detailing the outcomes and recommendations from a mission conducted in Bosnia and Herzegovina (BiH) from November 27 to December 1, 2017, as part of the Swiss State Secretariat for Economic Affairs (SECO)-funded capacity building project on Government Finance Statistics (GFS). The mission, led by Mr. Léonard Haakman and coordinated with Mr. Deon Tanzer, aimed to improve the compilation of GFS data in line with ESA 2010 and GFSM 2014 standards.

Main Objectives

• Advise on the compilation of Excessive Deficit Procedure (EDP) notification tables.
• Assist in the ESA 2010 transmission program (ETP).
• Discuss GFS conceptual issues, such as:
  • The superdividend test.
  • Time of recording of transactions.
  • Capital injections and financial transactions.
• Review the GFS Yearbook submission by the Central Bank of Bosnia and Herzegovina (CBBH).

Key Findings and Recommendations

1. EDP Table 2 – Derivation of Net Lending / Net Borrowing (NLB)

• Purpose: To explain how NLB is derived from public accounts.
• Working Balance: Defined as total receipts minus total payments.
• Adjustments Required:
  • Eliminate financial transactions (e.g., class 8 for Federation, class 6 and 9 for Republic of Srpska).
  • Include missing revenue or expenditure from extrabudgetary accounts.
  • Convert cash interest to accrued interest.
  • Adjust the time of recording of transactions (e.g., convert to accrual basis).
  • Include balancing adjustments.
• Implementation Plan:
  • CBBH aims to complete EDP tables 1-3 by 2018.
  • Separate tables will be compiled for state level, Brčko District, 10 cantons, local governments, and social security funds.
• Priority Recommendations:
  • Implement a coding system for statistical adjustments.
  • Compile derivation tables for NLB of other entities.
  • Apply consistent balancing procedures.
  • Liaise with Ministries of Finance (MOFs) to determine the official working balance per reporting unit.

2. EDP Table 3 – Stock-Flow Adjustment of Maastricht Debt

• Purpose: To explain changes in Maastricht debt due to NLB, financial transactions, and valuation adjustments.
• Accrued Interest:
  • Should include both coupon interest and amortized discounts/premiums.
  • Currently, CBBH uses effective interest rate from MOFs.
  • Mission recommends checking if this aligns with statistical guidelines.
  • Compound interest should be used for better accuracy.
• Scope:
  • Currently only applied to Federation of Bosnia and Herzegovina.
  • Needs to be extended to Republic of Srpska and Bosnia-wide bilateral loans.
• Priority Recommendation:
  • Apply superdividend test to dividends exceeding 0.01% of GDP by December 2018.

3. ETP Tables – ESA 2010 Transmission Program

• Table 2500:
  • Covers quarterly government revenue and expenditure.
  • Not mandatory in ETP but used to align with EDP reporting.
  • Provides breakdown per general government subsector.
• Table 2800:
  • Maastricht debt table.
  • CBBH currently incorrectly reports that general government debt is not consolidated, whereas it actually is.
• Priority Recommendations:
  • Implement estimation methods for non-observed entities by June 2019.
  • Correct the footnote on debt consolidation by June 2018.

Conceptual and Compilation Issues

Superdividend Test

• Definition: Validates whether dividends are fully covered by operational surplus.
• Application:
  • Dividends from holding gains or accumulated reserves are excluded and recorded as equity withdrawal.
  • Example: BH Telecom paid 80 million BAM in dividends in 2015 and 2016, of which 7 million BAM was not from operational profit but from investment returns.
  • This amount should be deducted from dividends and recorded as equity withdrawal.
• Recommendation: Apply the superdividend test to all dividends exceeding 0.01% of GDP.

Time of Recording

• CBBH currently only adjusts the time of recording for accrued interest in the Federation's budget.
• Recommendation: Implement accrual adjustments for VAT revenues using monthly data from the Indirect Tax Authority (ITA).

Foreign Capital Grants

• Discrepancy: CBBH's GFS data on foreign capital grants are lower than those from the Balance of Payments (BoP).
• Reasons:
  • BoP includes ODA data from the OECD.
  • CBBH does not collect direct foreign capital flows but uses ODA data.
  • Some grants are directly paid to construction firms or infrastructure projects, not via the budget.
• Recommendation: Research data sources on investment grants from international donors by December 2018.

Conclusion

The mission emphasized the importance of improving transparency and consistency in GFS data compilation for BiH. The CBBH is encouraged to implement technical improvements such as coding systems, accrual adjustments, and superdividend testing. The IT system development is expected to facilitate this process, with testing planned for February 2018 and full implementation by 2018.

The report highlights the need for greater alignment with ESA 2010 and GFSM 2014 standards, and recommends further investigation and coordination with MOFs and international donors to ensure accurate and comprehensive GFS reporting.