Government Meets with IMF and World Bank

By , 20 Apr 2017, 17:11 PM Business

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Croatian delegation travels to Washington.

A delegation of Croatian government, which includes representatives of the Ministry of Finance and the Croatian National Bank (HNB), will participate in the spring meetings of the World Bank and International Monetary Fund (IMF) in Washington. The delegation will be led by Finance Minister Zdravko Marić, reports tportal.hr on April 20, 2017.

During its stay in the United States, the delegation will hold a series of meetings with representatives of the World Bank. Minister Marić will meet with vice president of the World Bank for Europe and Central Asia Cyril Muller, with senior vice president and chief economist of the World Bank Paul Romero, and with executive director Frank Heemskerk.

The topics of the meetings with the World Bank representatives will include the state of the existing projects, further activities on the preparation and approval of new projects, and the future cooperation of Croatia with the World Bank.

Representatives of the Ministry of Finance and the Croatian National Bank will also hold meetings with representatives of the IMF, including with director of the Department for Europe Paul Thomsen, executive director Anthony De Lannoy, and mission director for Croatia Khaled Sakr. They will discuss macroeconomic situation in Croatia and measures of monetary and fiscal policy.

The IMF published its spring economic estimates on Tuesday, according to which the Croatian gross domestic product (GDP) will grow 2.9 percent this year, revising its previous estimate of 2.1 percent. In 2018, the international financial institution expects a mild slowdown in economic activity, with the growth of 2.6 percent of GDP.

In relation to the previous estimates, the IMF increased inflation expectations in Croatia this year from 0.8 to 1.1 percent, as well as the surplus in the balance of payments from 2.2 to 2.8 percent of GDP.

As for the unemployment rate, the IMF expects that it will fall to 13.9 percent, which is two percentage points less than in the previous forecast released in October last year. In 2018, the IMF expects further reduction in the unemployment rate in Croatia to 13.5 percent, while the inflation rate should remain at 1.1 percent.

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  • Traffic is of medium intensity on the A1 Zagreb-Split-Ploče, A2 Zagreb-Macelj, A3 Bregana-Lipovac, A6 Rijeka-Zagreb motorways and on the motorways in Istria. There are no longer delays at Lučko toll station. Occasional hold-ups are possible along the DC8 Adriatic road on acces roads to tourist centres, on the DC1 state road, in ferry ports and at border crossings. Sections of the roads closed due to roadworks: -the DC29 from Novi Golubovec (DC29, DC35) -the DC502 Smilčić-Pridraga state road -ŽC5042 Višnjan-Tićan. Traffic is regulated by traffic signals/one road lane is free only: -on the DC1 state road in Knin, on the section Sučević-Otrić in Otrić -on the state road DC2 in Vukovar, (Kudeljarska and Priljevo street) -on the state road DC66 Pula- Raša bridge -on the state road DC206 Valentinovo-Petrovsko. With the sunny and dry weather, more and more cyclists and motorists are on the roads. Other vehicles (such as cars or trucks) should look carefully for bicyclists before turning left or right, merging into bicycle lanes and opening doors next to moving traffic. Check your mirrors and be aware of blind spots before turning. While at a stop sign or red light, make a complete stop in order to let bikers pass, and check for unseen riders. Respect the right of way of bicyclists because they are entitled to share the road with you. Cyclists are not immune to traffic violations: pay attention to red lights and practice arm signaling!
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  • Due to heavy traffic during the tourist season longer wait times are possible on most border crossings with Slovenia, Bosnia and Herzegovina, Serbia and Montenegro.
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