By World Bank
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Additional info for Bosnia and Herzegovina: from recovery to sustainable growth
Assignment of spending functions to the different levels of government (Entity, canton, or municipality) needs to be based on a balance between the benefits of local decision making and the higher costs of service provision by a large number of small governments. The Entities must also decide how to assign tax revenues. Ideally, each level within the Entity should be provided with the revenues needed to finance the services for which it is responsible. Regardless of the revenue and expenditure assignments, however, imbalances between revenue and expenditure needs are bound to emerge in some cantons or municipalities and will lead to regional differences in spending levels.
Yet, there is little capacity for budgetary financing of a program of cash transfers at this time. Emergency relief, especially donations of food, which has sustained most of the population in recent years, will soon end. Consequently, a general review of social welfare programs should be undertaken to determine how best to use budgetary and donor funds and whether social programs are affordable and narrowly targeted for the poor. A poverty assessment should be undertaken quickly to help evaluate the efficacy of current welfare expenditures and to develop a plan for the future.
Key tasks include creating common institutions, as called for by the Dayton Agreement; strengthening institutions within the Entities, particularly those in the Federation; and ensuring Page xiv consistent and harmonized policies between the Entities and within the Federation. The tasks are outlined below. Establishing A Framework for Monetary Management Creating A New, Independent Central Bank A stable and convertible currency is the first requirement for promoting macroeconomic stability, trade, and investment.
Bosnia and Herzegovina: from recovery to sustainable growth by World Bank