29th November 2020, Skopje – By implementing SMART finance concept, we can, in the medium run, achieve twice higher economic growth compared to the last decade, which would mean better living standard for citizens, new jobs, higher wages, more quality health and education, healthy environment, digitalization of services and better public services as a whole. SMART finance concept is already being implemented under the 2021 Draft Budget, including medium-term projections for the first time, wherein mechanisms for monitoring the performance, have also been put into place. Minister of Finance Fatmir Besimi spoke on these topics at the lectures he held within the ” Financial Literacy Days” event at the Faculty of Economics at the University “Ss. Cyril and Methodius” and the South East European University.
Besimi underlined that the medium-term framework of the new Budget is based upon the foundations, i.e. three platforms, which should provide for economic recovery, which will act as growth catalysts further on. These are the following A. Strategy for Recovery and Intensified Growth or SmartER Growth Strategy, B. Fiscal consolidation policies and C. 2021-2025 Public Investment Plan.
– Strategy for Economic Recovery and Intensified Growth is based upon four pillars – economic recovery from COVID-19, intensified, inclusive and sustainable economic growth, boosted competitiveness of the private sector and development of human resources and equal opportunities, Minister of Finance pointed out.
He also stressed that the economic recovery from COVID-19 will be realized via measures aimed at protecting the health of citizens and the social protection of the most vulnerable categories, as well as providing support to the economy, the private sector and keeping the jobs, whereby upon the economic recovery, measures and policies aimed at intensified, inclusive and sustainable economic growth, have been also envisaged. They will be aimed at good governance – rule of law, eradicating corruption and capacity building of institutions, as well as providing fiscal sustainability, macroeconomic and financial stability, providing both local and equal regional development, sustainable and healthy environment and digitalized both economy and public services.
Besimi also underlined that actions would be also taken so as to boost the competitiveness of the private sector, strengthen the trade relations and integrate the global chains. Further actions will be taken to improve the business environment and combat the informal economy, improve the access to finances, adapt the technologies, as well as modernize the agriculture.
As Minister of Finance Besimi pointed out, investments in human capital remained to be among the top priorities in the Strategy for Economic Recovery and Intensified Growth. Activities are to be undertaken, which purpose will be creating equal opportunities and developing human resources by making investments in the field of education, science and health, promoting higher participation of the working able population and social protection and social insurance.
He also stressed that the economic recovery from COVID-19 will be realized via measures aimed at protecting the health of citizens and the social protection of the most vulnerable categories, as well as providing support to the economy, the private sector and keeping the jobs, whereby upon the economic recovery, measures and policies aimed at intensified, inclusive and sustainable economic growth, have been also envisaged. They will be aimed at good governance – rule of law, eradicating corruption and capacity building of institutions, as well as providing fiscal sustainability, macroeconomic and financial stability, providing both local and equal regional development, sustainable and healthy environment and digitalized both economy and public services.
Besimi also underlined that actions would be also taken so as to boost the competitiveness of the private sector, strengthen the trade relations and integrate the global chains. Further actions will be taken to improve the business environment and combat the informal economy, improve the access to finances, adapt the technologies, as well as modernize the agriculture.
As Minister of Finance Besimi pointed out, investments in human capital remained to be among the top priorities in the Strategy for Economic Recovery and Intensified Growth. Activities are to be undertaken, which purpose will be creating equal opportunities and developing human resources by making investments in the field of education, science and health, promoting higher participation of the working able population and social protection and social insurance.
