23rd September 2022, Skopje – Implementation of reforms in support of stable development of the financial system, all to end of maintaining the high level of macroeconomic and fiscal stability, is one of the top priorities of the Government of the Republic of North Macedonia and the Ministry of Finance. This was recommended by Minister of Finance, Fatmir Besimi, at the opening of the 21st Annual Conference of the Macedonian Stock Exchange, whereat he stressed that our country confronts a number of challenges amidst various crises, while putting maximum efforts focused on the integration processes, the screening process with the European Union and the reforms, which will provide for continuous and accelerated growth.
“We have been living in times of crisis, particularly over the recent years. We face economic challenge requiring prompt and efficient prompt thereto, while at the same time underpinning the long-term commitments. Therefore, both the private sector and the policy makers should develop policies, which will be sustainable and efficiently responsive to the ongoing crises, without thereby neglecting the reforms and the development”, Besimi pointed out.
He thereby also mentioned the measures aimed at maintaining fiscal and macroeconomic sustainability, the ongoing activities related to the new tax reform concept, the adopted Organic Budget Law, the actions being taken for the purpose of developing the financial markets, new laws as regards the introduction of financial companies, new Funds, as well as Financial Market Development Strategy, which is a long-term strategy, implying large and more successful market, despite the global forecasts for the harsh winter ahead of us. However, next year, as per the geostrategic developments worldwide, as well as those on the European market, positive trends are expected.
Minister stressed that we remain to be a stable partner to the Stock Exchange, as regards the development of the financial market regulations. “Government bonds remain to be the only bonds mostly traded on the Macedonian Stock Exchange. This year, Ministry of Finance announced issuance of another denationalization bond worth EUR 6 million, whereby pursuant to law, another denationalization bond is expected to be issued”, Minister said.
He also touched upon the new financial instruments, such as green bonds, development bonds, inflation-indexed bonds, as well as the interest-free bond, still undergoing analysis and processing, being actually aimed at withdrawing liquid proceeds from the economy, as of the transition period onwards.
Minister stressed that Euro-integration process of the Republic of North Macedonia also plays significant role as regards the financial markets.
“NATO membership and the start of the negotiations with the European Union, were a positive signal on the international financial markets. During the upcoming year, it is expected for the screenings to be completed, with which the national legislation is continuously harmonized with the EU Acquis as regards the internal market and the financial regulations, Minister of Finance pointed out.
At the Annual Conference, organized by Macedonian Stock Exchange, Minister, Fatmir Besimi was awarded a certificate of honor for successful cooperation between Ministry of Finance and the Macedonian Stock Exchange.