20th October 2021, Skopje – Growth Acceleration Plan, geared towards intensified economic growth, significantly scaled up public investments, as well as strong encouragement of private investments in the medium term, were the main topics addressed by Minister of Finance, Fatmir Besimi in front of the World Bank Vice President for Europe and Central Asia, Anna Bjerde, World Bank Regional Director for Western Balkans, Ms. Linda Van Gelder, Executive Director at the Constituency Office at the World Bank Koen Davidse and the World Bank Country Manager, Massimiliano Paolucci. During the meeting held within IMF/WB Autumn Meetings, WB top officials praised the Growth Acceleration Plan, which is to be adopted in the upcoming period, as well as the positive assessments in the EC Progress Report on the Republic of North Macedonia, as regards last year.
“Growth Acceleration Plan will paly a crucial role as regards the job creation, as well as in encouraging the economic growth in North Macedonia. The ultimate goals are three-fold: scaled up investments, by providing for more effective use of public investments, in the amount of EURF 4 billion in the next five years, by multi-fold mobilization of additional investments from the private sector; accelerated growth – to double the economic growth rates to 5% annual growth rates in the medium term; as well as ensuring fiscal consolidation – to underpin public debt reduction below 60% of GDP in the medium term”, Besimi stressed. Institutional framework for Plan implementation is of considerable importance, being based on clearly defined project management structure.
Plan also envisages setting up financial instruments, which goal, as Besimi said is increasing the economic growth not only via investments in the public sector, but also by identifying various manners of increasing and encouraging the private capital”. Some of the instruments will be promoted and applicable at regional level
When setting up these instruments, support from the International Financial Corporation (IFS), organized within World Bank Group is envisaged therefor.
During the meeting, topics discussed with WB representatives also covered the Integrated Financial Management Information System (IFMIS), which establishment is being actively worked on, fiscal consolidation and fiscal sustainability policies, enhancing the fiscal decentralization, which will contribute to more stable financing and development of the municipalities, as well as the health sector reform, with World Bank’s support.
Minister also mentioned the established CAPEF (capital expenditure efficiency) mechanism, which as he said, has already yielded good results as regards the realization of capital investments.
From the beginning of the year until 15th October, capital investments performance amounts to Denar 13.9 billion, being higher by 55.7% in relation to the same period last year. Minister Besimi expressed his gratitude for the exceptionally significant support the World Bank continuously extends to our country.
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