Following on its Forum for Prosperity and Jobs, which the EU hosted in Sarajevo in May, the EU mission in BiH has released details of its new initiative, the Compact for Growth and Jobs. the program aims to present concrete solutions to many of the issues that hold BiH’s economy back. According to the EU’s press release, the progam’s main goals are to:
- Cut governments’ spending and get a wider spread of people and organisations paying tax.
- Make wages mainly about skills and results and less about seniority.
- Slash the requirements for and time taken to start a business.
- Pass an improved insolvency framework so businesses can be restructured faster.
- Produce clear, public e-registers of procedures for licences and permits.
- Reduce the amount of privileged pensions, and raise social assistance for those who really need it.
The text of the Compact explains in detail the issues that each of these goals addresses. The program was summarized in a presentation given by Ambassador Peter Sorensen as well. The EU plans to begin implementing the new program after this year’s elections in October.
