7th October 2021, Skopje – Minister of Finance, Fatmir Besimi launched the activities within the Autumn Annual IMF/ WB Meetings, which will be virtually organized again due to the COVID-19 pandemic. Minister, together with MoF representatives met the representatives of the IMF Fiscal Affairs Department. What was pointed out at the meeting was the technical assistance extended by the IMF, as well as the efforts for implementing the key reforms as regards the public financial management.
“FAD is one of ours most active and valuable partners and expertise providers as regards the crucial public financial management reforms, which so-far extended technical assistance was geared towards different areas related to the public financial management”, Minister Besimi pointed out at the meeting.
Technical assistance is significant, being focused on better planning, improving the Budget presentation, project budgeting, designing indicators, as well as establishing a system for continuous reexamination of the costs.
Process of preparing the new Public Financial Management Program commenced in September 2021 and it should be completed by the end of Decembers 2021.
Activities that will be given priority in the next period, for which purpose technical support will be extended, are aimed at implementing fiscal rules and establishing Fiscal Council as per the new Budget Law, strengthening the public investment management in MoF, enhancing liquidity planning capacity, strengthening the monitoring capacities of MoF in the management of fiscal risks associated with public enterprises, state-owned enterprises, public-private partnership, as well as spending control.
One of the top priority projects for MoF is implementing IFMIS with support from the World Bank and the EU. IFMIS is Integrated Financial Management Information System, which will provide for integrated monitoring of revenues and expenditures from their planning and projections to their final performance and execution, thus improving the budgeting and the respective performance and execution.
Topics discussed at the meeting were also the fiscal decentralization reforms, as well as the 2022-2026 Economic Recovery and Growth Acceleration Financing Plan, geared towards accelerating growth and attaining average growth rates higher than 5%, fiscal consolidation and scaled up investments.
“Government of the Republic of North Macedonia is committed to the progress in implementing the Western Balkans Economic and Investment Plan, being aimed at providing support so as to spur the long-term recovery, the implementation of the reforms, the economic recovery and convergence, thus also fostering the integration with the region and the European Union”, as pointed out at the meeting.
Under the Annual IMF/WB Meetings, Delegation of the Republic of North Macedonia headed by Minister Besimi together with the Governor of NBRNM Anita Angelovska- Bezhoska, will hold several meetings with top officials from these institutions.