14th October 2020, Skopje – As regards the coming period, activities will be undertaken aimed at improving the planning, allocation and implementation of public investments with support by the International Monetary Fund (IMF), as well as the European Union and the World Bank. Action Plan is already being prepared in the Ministry of Finance aimed thereto. This was stated at the meeting between the Minister of Finance Fatmir Besimi and the Governor of the National Bank Anita Angelovska – Bezoska, the teams from the Ministry of Finance and the National Bank, and the team from the IMF Fiscal Affairs Department. This meeting is within the Annual IMF and WB Meetings, which commenced this week, and which due to COVID-19 crisis, are being held online this year.
What was pointed out at the meeting was that the team from the IMF Fiscal Affairs Department screened the developments related to public investments within the PIMA Mission this year, giving thereby recommendations for improving the investment cycle phases, i.e. planning, allocation and implementation of investments. Ministry of Finance has been already preparing an Action Plain for improving public investments, which will be soon submitted to the Government. However, new organizational unit in charge of public investments is planned to be established within the Ministry of Finance.
During the meeting, Minister of Finance Fatmir Besimi underlined his commitment to implementing SMART finances concept, i.e. realizing public finances, which will be strategic, accountable and transparent, as well as focused on measuring the performance. Reforms, which will be carried out in the next period, are aimed at realizing this concept.
In light thereof, it was also pointed out that the new Budget Law was prepared, envisaging medium-term planning and enhancement of program budgeting, thus leading to improved capital investment management. It has been published on the Single National Electronic Register, for public discussion. Moreover, capital investment management is envisaged in the integrated information system for public financial management, being part of the Budget Law.