23rd November 2022, Skopje – Republic of North Macedonia is disbursed the first tranche in the amount of EUR 110 million out of the total funds approved by the International Monetary Fund under the Precautionary and Liquidity Line (PLL). Funds will become available once the IMF Executive Board approves the two-year arrangement for North Macedonia under the Precautionary and Liquidity Line.
“Policies we implement have provided access to the PLL, ensuring funds under more favourbale terms and conditions compared to the one prevailing on the financial markets. Funds are thus provided for the policies under the Supplementary Budget envisaged by the end of this year, as well as for managing the external shock, supporting the citizens and the companies, above all stabilizing the food and energy products supply”, Minister of Finance, Fatmir Besimi, said.
According to him, International Monetary Fund thus affirms the sound and the sustainable policies adopted by the Government in the past period when facing the crisis, as well as the policies envisaged in the coming period, aimed at accelerated economic growth in the medium term.
Under the decision of the IMF Executive Board, North Macedonia is made available total of EUR 530 million. EUR 110 million out of this amount will be disbursed immediately and used by the end of this calendar year, and the next tranche in the amount of EUR 155 million will be used in the course of 2023, with the rest of the PLL funds treated as precautionary.
IMF’s Precautionary and Liquidity Line is intended for IMF member countries with sound economic fundamentals and strong records of implementation of sustainable policies. PLL was introduced in 2011.