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10th October 2021, Skopje- Minister of Finance, Fatmir Besimi will take part in the IMF/WB Annual Meetings, being again virtually organized due to COVID-19 pandemic. During the meetings to be held next week, Minister will highlight the key reforms and activities related to the process of strengthening fiscal consolidation, the Economic Recovery and Growth Acceleration Financing Plan, the fiscal decentralization, as well as the cooperation with and the support extended by these significant international financial institutions.

Growth Acceleration Financing Plan is geared towards improving budget revenue collection via measures aimed at reducing grey economy and preventing and eradicating corruption, reducing and restructuring budget expenditures, by cutting non-priority and non-essential expenditures, greater support for the private sector and the innovations to the end of boosted competitiveness, high allocations for social protection and revision of methodologies for transfers and subsidies, as well as changes in the sources of financing the budget deficit, greater diversification of the source of financing the deficit, financing and implementing certain projects through public private partnerships and establishing the Development Fund for Strategic Investments.

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.

In addition to the fiscal consolidation, the 2022-2026 Growth Acceleration Financing Plan is also aimed at accelerating the growth and attaining average GDP growth rates of over 5% annually, as well as scaling up the investments.

New Public Financial Management Program is under preparation, with the IMF technical assistance being of particular importance therefor. Activities that will be given priority in the next period, for which purpose technical assistance 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.

These international institutions have extended significant support for coping with COVID-19 induced crisis, which provided for quick response to the needs for protecting the health of people, keeping the jobs and supporting the business sector.

Annual IMF/WB Meetings bring together central bank governors, finance ministers, representatives of the private sectors, civil society organizations and academicians to discuss issues of global interest, global economic prospects, poverty eradication, economic development and the efficiency of the provided assistance. Central topics of the meetings to be held in the period 11th – 17th October 2021 are the global economy, the international development and the global financial system.

Meetings were attended by the Delegation of the Republic of North Macedonia headed by Minister of Finance, Fatmir Besimi and Governor of the National Bank, Anita Angelovska – Bezhoska. Several meetings are planned, among which those with the World Bank Vice President for Europe and Central Asia, Anna Bjerde, the Director of the European Department at the International Monetary Fund, Alfred Kammer, Executive Director at the Constituency Office at the World Bank Group, Koen Davidse, the Executive Director at the IMF, Paul Hilbers, as well as other top officials from the World Bank and the IMF.

Also available in: Macedonian Albanian

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