13th October 2023, Marrakesh – Economic performance of the Republic of North Macedonia is positive. Economy has proven to be far more resilient than expected in the first half this year, inflation is single-digit, budget policies are implemented as planned, gradual fiscal consolidation continues, share of capital expenditures of 5% of GDP annually will play pivotal role in generating economic growth, Minister of Finance, Fatmir Besimi, pointed out at the meeting with World Bank Vice President, Antonella Bassani, World Bank Group Executive Director, Koen Davidse, and World Bank Country Director for Wester Balkans, Xiaoqing Yu, held within the IMF/WBG Annual Meetings taking place in Marrakesh, Morocco.
“30-year partnership with the World Bank is exceptionally important. It is of crucial significance for the implementation of the reforms supported through projects amounting to US$ 2.8 billion. Support extended amid economic uncertainty and the adverse effects of the COVID-19 induced crisis and the war conflict in Ukraine is also considerable, as is the support for projects being implemented at the moment, pertaining to improvement of municipal infrastructure, road construction, agriculture modernization, energy efficiency, reforms in the social sector and the primary education”, Minister Besimi said.
He emphasized that this strong and long-term partnership will continue in the coming period as well. We expect for the new five-year Country Partnership Framework to be completed by the end of this year. Projects encompassed under the CPF are already defined, and they will contribute to maintaining the reform process on the road to EU and ensuring a more sustainable, resilient and green growth.
As indicated during the meeting, development policy loan in the amount of around US$ 100 million is also expected to be approved by the end of this year, aimed at supporting the public administration reform process, combating informal economy, as well as supporting both the measures and the activities envisaged under the Growth Acceleration Plan.
“Such support underpins our efforts for fiscal consolidation, also affirming the macroeconomic policies we implement. It will help the country build a more resilient economy and a greener growth”, Minister Besimi said.
Governor of the National Bank of the Republic of North Macedonia, Anita Angelovska-Bezhoska, also attended the meetings with WB high-level representatives.
Within the Annual Meetings in Marrakesh, Minister Besimi also had meetings with IMF high-level representatives, and is expected to also meet with representatives of the Bank of America, the European Bank for Reconstruction and Development, the International Finance Corporation – IFC and the International Development Association – IDA.
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