2nd June 2023, Skopje – Issuance of development bond for citizens, as a new instrument on the market, will provide for the citizens to invest their money and generate sound and secure earnings in return, Minister of Finance, Fatmir Besimi, said.
“Introducing the development bond for citizens, as an instrument on the financial market, will yield several benefits. The first one offers the possibility for the citizens to invest their savings in rather risk-free securities, which generate earnings and protect their value against inflationary pressures. Issuance of this type of bond – second benefit – will boost further development of the capital market, establishing the practice of citizens’ involvement in this segment. The third benefit, which effects are expected in due course, will contribute to reducing the cash in circulation in support of eradicating informal economy”, Minister Besimi underlined in his guest appearance for “Win-Win” TV Show.
It is rather an instrument with a development component, since the funds provided from these instruments on the capital market will be invested in projects envisaged under the Budget. In particular, they are already projected in the budget deficit which, this year, is almost entirely oriented towards capital expenditures.
As already mentioned, amount of a single development bond for citizens will be Denar 10,000, with an interest lower than the one on the issued Eurobond, but higher than the interest earned on the deposits. As the Minister said, introduction of this instrument will have no negative impact on the deposits with the banks, since the projected amount of EUR 50 million accounts for merely 1% of the deposits with the banks.
In his interview, he also tackled the policies undertaken to manage the crisis and curb the inflation. He emphasized that both the fiscal and the monetary policies are continuously coordinated, with the fiscal policy helping the monetary policy in its efforts to tackle the inflation.
“EUR 225 million is projected in this year’s Budget for coping with the energy crisis. So far, in the course of 2020, 2021 and at the beginning of 2023, EUR 320 million was allocated from the Budget so as to ensure subsidized electricity supply price for the households and the companies on the regulated market. In addition, the Government has renounced revenues in the amount of almost EUR 70 million under the measure for reduction of VAT on electricity to 5% and 10% for the households in the period from 2021 by end-June 2023. It is a matter of direct subsidies for the citizens amounting to around EUR 400 million”, Minister Besimi said, adding that these are funds collected from taxes the citizens pay, as well as EU grant funds.
He underlined that the Government has always had a good ear, hence it constantly reviews and considers all options so as for the citizens to cushion the electricity price costs. This process will continue this year as well, implementing the most suitable solution for the citizens.
As regards the construction of Corridors 8 and 10d, the Minister has described it as a strategic project. The selected method of its implementation is for the purpose the Project to be completed at the earliest possible date. Efforts are also made for the most optimal financing of the respective Project. He announced that Export-Import Bank of the United States, a financial institution from Great Britain and other consortiums have expressed their interest in financing the Project.
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