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Bosnia and Herzegovina Country Report Q1 2017

Bosnia and Herzegovina Country Report Q1 2017 - Q1, 2017

International Monetary Fund (IMF) has put its loan agreement with Bosnia & Herzegovina on hold as the country has failed to implement reforms it had agreed with the fund.
If the country wants to get the second tranche from the IMF, it must meet all its requirements. So far, political disagreements are delaying the end of this potentially serious financial crisis.
The World Bank has raised slightly its forecast for Bosnia & Herzegovina’s economic growth in 2017 to 3.2% in its latest Global Economic Prospects.
According to the World Bank’s report, in the Western Balkans economic growth is expected to accelerate to 3.2% in 2017 from 2.7 in 2016.
Consumer prices increased by 1.4% y/y in March, accelerating from a 1.2% y/y rise in February.
In m/m terms, the CPI inched up 0.1% in March, after rising 0.3% m/m in February. In the first quarter of 2017, consumer prices increased by 1.1% y/y.
An appeal against the ICJ’s 2007 judgment in a genocide case against Serbia rocked Bosnia as politicians were not united on it.
The appeal was dismissed by the court and the Bosnian prosecution eventually launched an investigation into the legitimacy of Sakib Softic – the lawyer who filed the appeal.
The US department of the treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions against Milorad Dodik.
Dodik ignored several constitutional court decisions concerning the celebration of Republic Day, angering the international community and significantly raising tensions within Bosnia. Staging the biggest ever celebration of the Republic Day on January 9 despite the court's ban was the latest of the violations.

1.0 Executive summary
2.0 Politics
2.1 Celebration of banned Republic Day
2.2 Ratko Mladic to travel to Russia for medical treatment
2.3 Bosnia’s government says announcement of census results was illegal
2.4 Establishment of Croat entity
2.5 Serb MPs block Bosnian parliament session
2.6 Bosnia must register defence property to unfreeze Nato membership process, Stoltenberg says
2.7 Foreign affairs MEPs urge Bosnian politicians to unite and focus on reforms
2.8 EU official calls on Bosnian leaders to halt plans to change law on state-level constitutional court
2.9 US imposes sanctions against Republika Srpska’s President Dodik
2.10 Appeal of 2007 genocide ruling rocks Bosnia
3.0 Macro Economy
3.1 Macroeconomic overview
3.2 Macro outlook
4.0 Real Economy
4.1 Industrial production
4.2 Inflation
4.2.1 CPI dynamics
4.2.2 PPI dynamic
4.3 Industrial sectors and trade
4.5 Labour and income
4.5.1 Labour market, unemployment dynamics
4.5.2 Income dynamics
4.5.3 Retail sector dynamics
5.0 External Sector & Trade
5.1 External sector overview
5.2 Balance of payments, current account
5.2.1 Import/export dynamics
5.2.2 Current account dynamics
5.2.4 Gross international reserves
5.3 FDI
5.3 Foreign reserves
6.0 Public Sector
6.1 Budget
6.1.1 Budget dynamics - specific issues…
6.2 Debt
6.2.1 Local debt market dynamic
7.0 FX
7.1 FX issues
8.0 Financial & capital markets
8.1 Bank sector overview
8.1.1 Assets
8.1.2 Money supply
8.1.2 Loans
8.1.3 Deposits
8.1.4 NPLs
8.1.8 Bank news
8.3 Stock market
8.4 International ratings
8.4.1 International ratings - specific details of rating actions corp/regional etc
9.0 Industry & Sectors
9.1 Sector news
9.1.1 Construction & Real estate sector news
9.1.2 Agriculture sector news
9.1.3 Tourism sector news
9.1.4 Utilities sector news
9.2 Major corporate news
9.2.1 Retail corporate news
9.2.2 TMT corporate news
9.2.3 Tourism corporate news
9.2.4 Utilities corporate news
9.2.5 Other sector corporate news

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