15th May 2023, Skopje – Country will issue the first bonds intended for the citizens in the course of the next month. Last preparatory activities are being carried out so as to issue this financing instrument, which creation took two years. Development bond for the citizens will be 2-year, amounting to minimum Denar 10,000, which interest rate will be set in the upcoming period, as announced today by Minister of Finance, Fatmir Besimi on a meeting with the journalists.
“The issuance of the development bond for the citizens is not focused on the Budget’ liquidity. Issuance of this bond, along with the development, green and project bonds, has already been envisaged in the Growth Acceleration Plan, with the development bond for the citizens being also incorporated under the 2023 Budget, i.e. its issuance is part of the this year’s projected borrowing on the domestic market, thereby not increasing the deficit and public debt levels”, Minister of Finance, Fatmir Besimi said.
He went on that preparatory activities aimed at issuing the development bond for the citizens have been carried out for two years already, whereby at present, the prerequisites for its issuance have been met, being favourable as well, with the country, the citizens, and the economy generating benefits therefrom.
“The country, the citizens, and the economy will benefit from the issuance of the development bond for the citizens. Citizens will be given the possibility to invest their money and add incremental value thereto. Thus, the country will ensure financing at rates lower than those on the international markets, and the funds will be used for development projects, thus positively impacting the economy as well”, Minister of Finance underlined.
Besimi thereby added that the idea was for the citizens to become aware of the great significance of making investments. Cash funds not being invested in times of inflation lose their value.
He went on that it is expected for development bonds for the citizens, amounting to EUR 50 million, to be issued this year, with the interest rate being higher than the one on the deposits in the banks, but lower than the interest the country gains when borrowing on the financial markets.
He expects no adverse effects on the deposits kept with the banks. As he pointed out, citizens will considerably benefit from investing their cash in the government bonds, while keeping their deposits with the banks.
“Thus, additional financing instrument is offered, being part of the Capital Market Development Strategy. In addition to these bonds, development, green and project bonds are foreseen. They are all geared towards ensuring investments in development projects and higher economic growth rates”, Minister of Finance, Fatmir Besimi said.
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