13th April 2023, Washington – United States of America are a strategic partner to the Republic of North Macedonia. Country has been provided with continuous support from the USA in meeting its priority goals, attaining democratic and economic development and EU integration, whereby the so-far support under the 30-year partnership, is estimated at US$ 840 million. New initiatives and projects speak in favor of the readiness to enhance this partnership, which importance was raised last year with the Strategic Dialogue being held with the USA. Opportunities to cooperate in the field of public finance were todays’ topic of discussion at the meeting held between Minister of Finance, Fatmir Besimi and Brian McCaulety, Deputy Assistant Secretary for Europe and Eurasia at the US. Department of the Treasury.
“In the past period, Republic of North Macedonia worked on implementing significant reform as regards public finance management. New Organic Budget Law was adopted, implying replacement of the old traditional manner of budgeting and introducing a new modern way of budgeting, being based upon precisely determined and defined rules in the planning and execution process. These innovations are to be implemented in the coming period, whereby the support offered by the institutions possessing the required knowledge and experience, is very much welcomed. US Department of the Treasury offers substantial technical assistance in strengthening the public finance management, the efficiency, the transparency and the accountability of the public finances, as well as the manner of tackling the grey economy, developing the financial market, protecting the consumers and similar. Such support will provide for strengthening the capacities of our institutions, which are to implement the respective reforms, with the ultimate goal being economic prosperity”, Minister of Finance said.
He went on that the implementation of these reforms is accompanied by the introduction of new modern digital platforms, such as IFMIS – Integrated Financial Management Information System, being a prerequisite for introducing a contemporary and modern manner of managing public finances, thus also contributing to increased efficiency and transparency thereof.
During the meeting, Besimi stressed that Ministry of Finance remains committed to preserving the macroeconomic stability, accountable public finance management, fiscal consolidation, sustainable public debt and investing the Budget funds towards generating greater benefits, all to the end of attaining higher economic growth rates.
“To that end, Growth Acceleration Plan was prepared and adopted, being a basis for higher economic growth rates. This Plan is aimed at scaling up investments in the economy, while remaining on the set path for reducing the budget deficit and preserving the debt stability, thereby offering to the investors diverse forms for providing funds for the respective projects”, Besimi said.
The support discussed at the meeting also pertained to development of the government securities financial market and recommendations as regards the new instruments, which are planned to be introduced on the primary government securities market, as well as support aimed at strengthening the capacities of the Public Revenue Office and the Customs Administration.
Minister of Finance, Fatmir Besimi met McCauley as part of his working visit to the USA, prior to his meetings taking place within the UNO headquarters. As of today he, together with the Governor of the National Bank, Anita Angelovska – Bezhoska, will take part in the WB and IMF Spring Meetings.
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