17th September 2020, Skopje – Economic challenges and perspectives for the coming period, new anti-crisis measures, as well as introduction of new system policies, will be the catalyst for the recovery, and for the growth subsequently, these were the topics discussed at today’s panel discussion “SMART Finances and Economic Policies amid Pandemic and the ‘New Normal’”, organized by the Ministry and the Minister of Finance, Fatmir Besimi, attended by former Ministers of Finance and experts in the field of economy and finances.

During the discussion, attended by the former Ministers of Finance Xhevdet Hajredini, Taki Fiti and Nina Angelovska, as well as representatives of the academicians and the experts Miroljub Shukarov, Gligor Bishev, Zoran Jovanovski, Nikica Mojsovska-Blazhevski, Jeton Mazllami, Aleksandar Stojkov and Izet Zeqiri, it was underlined that the COVID-19 crisis remains to pose threat to the national economy, above all due to its global impact and uncertainty, as well as that it requires undertaking more activities to overcome it, followed by boosting the economic development.  

The need to implement new set of anti-crisis measures was also pointed out, in particular as regards the domestic consumption, at the same time undertaking activities on the supply side, i.e. encouraging the private sector and boosting the investment activity through liquidity injections.  

In addition, they also stressed the need to simultaneously put corresponding system measures in place in the field of finances, aimed at restructuring the economy. Strategic commitment to work on creating a more predictable environment and greater competitiveness of the economy was also emphasized. 

Talking about the goals and the priorities during his term of office, Minister of Finance, Fatmir Besimi said that concept of SMART finances (Strategic, Maintainable, Accountable, Reform-oriented, Transparent) would be introduced, i.e. public finances system to be based on clear strategy and to be maintainable, accountable, reform-oriented and transparent, contributing to overcoming the crisis in the medium term and accelerated economic growth in the long term. It should be a multi-purpose concept – first, to strengthen the planning process, longer-term budgeting, which, in addition to greater predictability, will also contribute to better realization of projects and programs, which usually takes several fiscal years. The system will be oriented to measuring the performance and, accordingly, to the activities to be undertaken in future, as well as to fiscal transparency, being the ultimate level of budget control.

Minister of Finance said that panel discussions like this one and consultations with the academicians and the experts, as well as the stakeholders: the business community, the NGOs, will become practice of the Ministry of Finance, all to the end of exchanging views and ideas to come up with the optimal solutions for economic revitalization and growth acceleration.

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