By World Bank
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Additional info for Bosnia and Herzegovina: from recovery to sustainable growth
Pension eligibility through early retirement or disability should be restricted so as to increase resources available for targeting the needy. Serious consideration should be given to a Federation-wide pension scheme and harmonization across the two Entities. This would reduce risks by expanding the pool of insured persons, reduce administrative costs, and allow for greater labor mobility. Health Care Financing and Insurance Each Entity needs to reduce the near-total reliance on donor aid and to fund an affordable health insurance system that provides a basic package of essential care services.
Sustainable long-term economic growth, however, requires establishing a stable macroeconomic environment that is underpinned by effective institutions. To that end, it will be crucial for Bosnia and Herzegovina authorities to establish an integrated institutional and policy framework for managing monetary policy, collecting taxes and controlling expenditures, managing debt, and regulating trade and tariffs. In 1997 macroeconomic management efforts should focus on developing the basic institutional infrastructure for economic management and completing major liberalization programs.
A strategy to resolve the debt problem should involve immediate relief in debt-service obligations (flow relief), and a permanent reduction in total indebtedness (debt-stock relief). Flow relief from external donors is particularly important to ensure a positive net transfer into the country during the recovery and to reduce debt service to a reasonable level. But for the country to return to creditworthy status and improve its chances of attracting enough private capital to replace official aid, up-front debt stock reduction is essential.