Memorandum of Understanding between the Fiscal Councils of the Republic of Srpska and the Republic of Bulgaria Signed in the National Assembly: Cooperation for Improving Fiscal Accountability

The President of the National Assembly Nedeljko Čubrilović held a meeting today with the Presidents of the Fiscal Council of the Republic of Srpska, Momčilo Krajisnik, and the Fiscal Council of the Republic of Bulgaria, Boris Grozdanov, on improving the fiscal system, after which Krajišnik and Grozdanov signed a Memorandum of Cooperation between the Fiscal Councils of Srpska and Bulgaria.

The signing of the Memorandum of Understanding was attended by Deputy Speaker of the National Assembly of the Republic of Srpska Željka Stojičić and two fiscal council’s delegations.

President Čubrilović welcomed the signing of the Memorandum of Cooperation between the Fiscal Councils of Republic of Srpska and the Republic of Bulgaria, emphasizing the importance of the work of these independent bodies and their contribution to improving the fiscal system and fiscal responsibility.

"The Fiscal Council of Republic of Srpska makes a significant contribution to maintaining fiscal responsibility in the Republic of Srpska, and intensifying cooperation with the Fiscal Council of Bulgaria will further enhance its work," said Čubrilović.

The President of the Fiscal Council of the Republic of Srpska, Momcilo Krajisnik, said that signing this memorandum is of great importance, since the Republic of Bulgaria is a member of the European Union with extensive experience in monitoring and applying EU fiscal rules and procedures.

"Republic of Srpska's fiscal rules have been set up as well as the EU fiscal rules, but the procedures for implementing them have not been sufficiently developed. That is why we look forward to this cooperation, which will bring good fiscal practice and experience of the EU member state, "he said.

He emphasized that the adoption of the Law on Fiscal Responsibility in the Republic of Srpska has made a significant step towards increasing fiscal discipline and ensuring fiscal stability, in which the Fiscal Council has played a prominent role.

The President of the Fiscal Council of the Republic of Bulgaria, Boris Grozdanov, said that he expected that the signing of the Memorandum would significantly improve cooperation with the Fiscal Council of Republic of Srpska.

"We will have the opportunity to exchange experiences and help each other in our daily work," he said, adding that all EU member states have established fiscal councils.

The Fiscal Council of the Republic of Srpska is an independent body responsible for its work to the National Assembly of the Republic of Srpska.