Skopje, 28th December 2012 (MIA) – Friday afternoon, Parliament of the Republic of Macedonia adopted the Law on Borrowing a Loan by the Republic of Macedonia at Deutsche Bank under Loan Agreement secured by policy-based guarantee by the International Bank for Reconstruction and Development – World Bank, by applying summary procedure.

Goal of the Loan is to provide funds for financing budget needs in 2013. Several bank submitted offers for financing, while Deutsche Bank was selected since it had the most favourable offer, providing for borrowing under exceptionally lower interest rate.

The Loan is in the amount of EUR 250 million, upon policy-based guarantee by the World Bank in the amount of EUR 155 million. Repayment period is seven years, in two installments – the first one in the amount of EUR 95 million will be repaid on the day of its maturity, i.e. 5 years from the day of disbursement of the loan funds, and the second one in the amount of EUR 155 million will be repaid on the day of its maturity, which falls 7 years from the day of disbursement of the funds.

The loan is with fixed interest rate, which will be determined two days prior to the day of disbursement of the loan funds.

Parliament, within its 51st session, also adopted amendments to the Customs Law and the Law on Games of Chance and Entertainment Games.

Vice Prime Minister and Minister of Finance, Zoran Stavreski, said that the reason for amendments to the customs Law was postponement of the application of the draft provisions of the Law, pertaining to entry and exit summary declaration.

– Implementation of this project was directly linked to the commissioning of the system for processing customs declarations and excise documents, which implementation is on going. It is proposed for the period to be postponed for one year, however, if implementation of the new system for processing customs declarations and excise documents is completed sooner, it will sooner provide for electronic submission of e-application at entry and exit summary declaration, Stavreski said.

Law on Games of Chance and Entertainment Games, Stavreski explained, is amended so as to provide for the company for organizing games of chance, in which the Republic of Macedonia is a shareholder and a member with at least 51% of the fixed capital, to carry out electronic games of chance by establishing partnership with a respective entity to hold the necessary equipment for organizing electronic games of chance.

– This amendment is undertaken since organizing electronic games of chance requires more funds, i.e. use of a produced technology, hardware, software, etc., which requires more financial resources. Therefore, we provide the opportunity for the company in which the Republic of Macedonia is a shareholder with at least 51% or a member to be able, in a partnership with another company, to organize electronic games of chance, Stavreski added.

 

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