12th December 2023, Skopje – Over EUR 700 million is provided for implementing development projects and reforms. World Bank has provided EUR 93.8 million for development policies in support of sustainability and resilience, whereby EUR 50 million has been extended by the French Development Agency, being intended for green and social investments. EUR 499 million has been extended by EIB, EBRD and EU, whereby EUR 60 million has been provided via IPA Program for the Railway Corridor VIII section towards Bulgaria, with EUR 7.5 million being provided by EBRD and EU for the rail joint border crossing Tabanovce.
These are part of the funds provided for implementing major capital projects and reforms, all to the end of ensuring sustainable economic growth, for which the respective laws were adopted by Parliament. Moreover, savings were made as regards non-productive expenditures, and additional funds were provided for capital projects under the Budget.
“We announced the implementation of a considerable investment cycle in this country, as well as reforms implying prosperity and economic growth. These are the precise steps, which the Government and the Ministry of Finance undertook in providing funds for accomplishing the set priority, being completed by adopting the respective laws by the Parliament”, Minister of Finance, Fatmir Besimi said.
Yesterday, the Parliament adopted the respective laws: Law on Borrowing a Loan by the Republic of North Macedonia, from the International Bank for Reconstruction and Development – World Bank under the Loan Agreement for Development Sustainability and Resilience Polices, Law on Guarantee by the Republic of North Macedonia on liabilities under the Credit Facility Agreement, to be concluded between the Agence Française de Development and the Development Bank of North Macedonia JSC Skopje for Development Bank of the North Macedonia JSC Skopje Facility for Green and Social Investments, Law on Borrowing a Loan by the Republic of North Macedonia at the European Investment Bank under the Finance Contract for Corridor VIII Rail – Eastern Section MK, Section Kriva Palanka – Border between North Macedonia and Bulgaria, Law on Borrowing a Loan by the Republic of North Macedonia from the Bank for Reconstruction and Development under the Loan Agreement for Rail Corridor VIII – Phase 3, section Kriva Palanka to the Bulgarian Border, as well as Law on Borrowing a Loan by the Republic of North Macedonia, from the European Bank for Reconstruction and Development under the Loan Agreement for Financing Rail Joint Border Crossing Tabanovce Project. EU grant has been provided for implementing the Rail Corridor VIII Project towards Bulgaria and the Rail Joint Border Crossing Tabanovce Project.
In addition, substantial funds have been provided under yesterday’s Decision on Reallocation of Funds in 2023 Budget, all to the end of implementing capital projects.
As per the Decision, additional Denar 800 million are provided as state aid to companies and infrastructure landscaping, Denar 400 million out of which for domestic companies, Denar 100 million in TIDZ and Denar 300 million for infrastructure landscaping in the zones, additional Denar 200 million for agricultural subsidies, Denar 170 million for capital projects in the field of culture, Denar 150 million for Waste Treatment Station in Skopje, EUR 150 million for reconstruction of government institutions, Denar 120 million for construction of social flats, Denar 80 million for local road construction.
Moreover, addition Denar 130 million are provided for payment of student meals and scholarships and co-payments for pupils’ and students’ dormitories, Denar 50 million for payment of social allowances and the right to education allowance, Denar 120 million for meeting the priority needs at certain budget users –Agency for Youth and Sports, Directorate for Protection and Rescue, Directorate for Execution of Sanctions, Ministry of Local Government and similar.
In addition to the support intended for development, as per the Decision, funds are also allocated for managing the crisis, i.e. the 9th package of anti-crisis measures, amounting to Denar 1.8 billion.
As per Minister of Finance, all this was accomplished by remaining committed to further fiscal consolidation, i.e. savings on the basis of non-productive expenditures.
“Under the Decision, additional funds are also provided for the determined priority needs, with the budget deficit remaining the same in nominal terms, thus affirming the commitment to gradual fiscal consolidation, particularly given the reduced current expenditures and the increased capital expenditure under this Decision, compared to the previous Decision as of September 2023”, Besimi said.
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