10th October 2022, Skopje – Mission of the International Monetary Fund gave green light to awarding EUR 530 million to the Republic of North Macedonia under the 24-month Precautionary and Liquidity Line (PLL). It speaks in favour of a major recognition of the economic policies implemented in the country, since the IMF make such financial instrument available only to countries with sound economic fundamentals and policies.
Following its final approval by the IMF Board, expected later this month, our country will be made available EUR 110 for budget financing and easier coping with the shocks brought by the energy and the price crisis. The very purpose of the instrument is to offer liquidity support to sound economies in times of shocks and crisis, as is the case with the ongoing global situation.
In its statement, the IMF also recognizes the Government’s commitment to continued implementation of the fiscal consolidation, as well as the public finances reforms, above all the new Organic Budget Law and the fiscal rules which will contribute thereto.
Access to this financial instrument is a proof of the strong signals the IMF send about the domestic economy to the international markets and the investors. When approving it, in addition to the positive assessment of the economy by the latest IMF Mission to the country, the Fund also assesses the fiscal policy, the monetary policy, the stability and the supervision over the financial sector, as well as the data relevance. This credit line is a proof of confidence in the economy and the policies implemented in our country.