25th May 2023, Tivat – Republic of North Macedonia preserves the macroeconomic stability, thereby remaining committed to the reform process, while also cooping with the challenges posed by the energy and price crisis. IMF’ Precautionary and Liquidity Line made available last year, speaks in favour of such policies, being aimed at coping with the crisis and preserving stability in the medium run. Government successfully manages the crisis, while also maintaining stable public finances. At the same time, as a result of the crisis, ensuring energy efficiency, diversification of the sources of energy efficiency and responding to the climate changes became the top priority issues, as pointed out at the meeting held between Minister of Finance, Fatmir Besimi and the Director of the European Department at the IMF, Alfred Kammer, held at the Margins of the IMF and WB Constituency, taking place in Tivat.
“Major public finance management reform was implemented. New Organic Budget Law was adopted, and activities are already being undertaken as per the fiscal rules set therein, i.e. they are translated into the Budget and the Fiscal Strategy, via gradual fiscal consolidation, i.e. budget deficit reduction”, Minister Besimi pointed.
He also highlighted the tax reform as part of the new public finance concept, being also positively assessed by the International Monetary Fund, the World Bank and the European Commission.
“Tax reform implies putting a modern and fair tax system in place, by revising the tax preferences. Legal solutions, we worked on last year, determined throughout the broad inclusive process, have already been submitted to the Parliament, which adoption is expected within the shortest time possible”, Minister pointed out.
By touching upon the crisis and the need for fiscal support, in order to overcome the challenges arising therefrom, he stressed that some of the activities focused on energy efficiency and diversification of the source of energy gained momentum, which will accordingly reduce the need for direct Budget support. Managing the crisis arising from the energy crisis and the climate changes is part of the Government’s priority policies in the period to come, which will be an integral part of the budgetary policy. Therefore, access is also required to the programs of the international financial institutions and funds, which will provide for speeding up the energy transition and impacting the climate changes.
Governor of the National Bank, Anita Angelovska-Bezhoska also took part at the meting, attending the Constituency Meeting as well, taking place in Tivat.
In addition to Kammer, Minister Besimi will also meet WB Vice President Antonella Bassani and IFC’s Vice President for Europe, Latin America and the Caribbean, Alfonso Garcia Mora.
Within the Constituency Meeting, Minister will also take part at the panel discussion, covering the topic “Striving For Economic Stability/Fiscal Consolidation and Monetary Policy Tightening – What is the Optimal Policy Mix?”, Topics will also be discussed by the Governors of the Central Banks of Moldova, Armenia and Romania debated, with the President of the Dutch Central Bank, Klaas Kniot, and the Director of the European Department at the IMF, Alfred Kammer having addresses thereat.
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