Budget of RS for 2016 exceeds three Billion BAM, Contributions for PIO included

RS Budget novovrijeme.baAt the special session held yesterday, Government of Republika Srpska defined the Draft Budget of RS for the coming year, which will together with complete financial plan of the Fund of Pension and Disability Insurance (PIO) amount to over three billion BAM.

As of next year, pensions in the RS should be paid from the treasury, thus making incomes and expenditures from contributions a part of entity budget, not the Fund of PIO RS.

“The budget frame will range from three billion and 127 million BAM”, the Minister of Finance of RS Zoran Tegeltija specified, highlighting that the contributions for PIO are estimated to an amount of 779 million BAM and that they are part of income of the RS budget for 2016.

Furthermore, Tegeltija confirmed that means for the Main Audit Office for Public Sector of RS will not be a part of the budget, but the means of this institution, thus preserving its independency.

Tegeltija added that the Draft Revised Document of the framework of RS for the period 2016-2018 was also defined yesterday.

The Minister of Finance of RS reminded that a public debate on this document has recently been held. As he said, this document is supported by the Economic-Social Council of RS for the first time after 2012.

“We have acknowledged a number of proposals and suggestions by social partners, and the greatest challenge will be the adoption of action plan for the implementation of Economic policy,” Tegeltija said, highlighting that it is an obligation of the entity government to revise its implementation at least twice per year.


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