28th September 2021, Skopje – Recommendations for growth acceleration, fiscal consolidation in the medium term, good governance and social cohesion, human capital development, reduced informal economy, etc., stemming from the Conference organized by Ministry of Finance at the beginning of this month under Skopje Economic Finance Forum (SEFF), were adopted by the Government at the regular session held on Tuesday.
Among the most important messages was that the recovery needs to be linked with three other challenges: digital economy, green economy and inclusive prosperity. In the medium-term, emphasis should be put on: (1) human capital investments providing for improved skills, contributing to boosted productivity and intensified economic growth and reducing poverty and inequality; (2) strengthening the capacity of the healthcare systems and increasing the vaccination rates; (3) structural, institutional and fiscal reforms (designing credible fiscal policy, which will provide for fiscal consolidation and fiscal buffers for the purpose of coping with the upcoming challenges and crises). What was also recommended was increasing the capital expenditures in the public sector (infrastructure, support of digital transformation and green growth), accompanied by control mechanism, which will contribute to increased both efficiency and effectiveness of the investment projects.
By exchanging experience with the government officials in the country and the region, the representatives of international financial institutions, the business sector and NGOs, significant conclusions were made, which will be used in the policy-making process. Under SEFF, growing into a forum for exchange of ideas, the recommendations were also conveyed to the business community, with which there is communication on continuous basis, the purpose of which is creating better business environment.
Recommendations of the Conference, adopted by the Government, will be incorporated in the Growth Acceleration Financing Plan, being under final preparatory stage within the Ministry of Finance. Another significant strategic documents, which should be finalized by the end of the year, being in light of the 2022 Budget of the Republic of North Macedonia, are the following: Economic Reform Program, Public Debt Management Strategy, Tax System Reform Strategy, Fiscal Strategy, Plan for Further Development of the Fiscal Decentralization, Action Plan for Reduction of Informal Economy, Plan on Public Capital Management, etc.
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