20th October 2021, Skopje – Growth Acceleration Plan (GAP), as one of the strategic documents prepared by the Ministry of Finance, which is in the process of adoption, as well as the investment possibilities it offers, were presented today to the stakeholders.
Ministry of Finance continues the practice of discussing its plans and policies with the business community. SEFF platform has been introduced therefore. It is active since the First Annual Conference of the MoF held in September this year. Today’s discussions were organized within the respective platform, attended by representatives from the chambers of commerce, the banks, the development partners, as well as the institutions to be included in the implementation of the Plan, i.e. the Directors of the North Macedonia Free Zones Authority, the Development Bank of North Macedonia and the Fund for Innovations and Technology Development.
As for our commitments to fiscal decentralization, as well as the commitments to double the economic growth and achieve around 5% GDP annual growth rates, Ministry of Finance has prepared the Growth Acceleration Plan. The purpose of the Plan is to scale up the total investments in the economy, thereby staying on the set path to gradually reduce the fiscal deficit, thus maintaining stable debt level, Minister of Finance, Fatmir Besimi, said.
The Plan addresses the new ways of access to capital to finance the recovery and the acceleration of the economic growth through investment projects in both the public and the private sector. In addition to the traditional instruments, many innovative ways to finance the investments, to consume all the available funds offered from official creditors and to reach all the possibilities to mobilize private investments are suggested.
The essence of the Plan is to produce a positive multiplying effect by creating and using new mechanisms, instruments, funds and sources of financing, i.e. in addition to the planned public investments amounting to around EUR 4 billion for the period 2022-2026 financed from the Budget, IPA funds and by international financial institutions, much more funds and investments from the private sector to be mobilized, the Minister underlined, which, as he said, would not only scale up the total investments and accelerate growth, but would also create jobs.
Growth Acceleration Plan is geared towards investments in the public sector, investments in the private sector, reform policies and institutional reforms, with the priority areas focusing on green economy, digitalization, innovations and technology development, human capital, physical infrastructure and social cohesion. In addition to the Budget, sources of financing will be provided from international and bilateral financial institutions, private institutional investors, banks and development partners, as well as grants.
The Government is to adopt the GAP, and the activities envisaged therein cover the period 2020-2026.
At the discussions, Director of the Development Bank of North Macedonia, Kire Naumov, Director of the Fund for Innovations and Technology Development, Kosta Petrov, and Director of North Macedonia Free Zone Authority, Jovan Despotovski, presented part of the already available instruments and the new one envisaged under the GAP.
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