Washington, 8 December 2010 (MIA) – IMF Managing Director Dominique Strauss-Kahn welcomed, in a written statement, the decision by Macedonia to request a precautionary credit line.


– Macedonia would be the first IMF member to take advantage of this new credit line. I am very pleased by this positive response from Macedonia to the invitation I extended to economies with sound economic fundamentals and policies to use this new instrument to bolster international confidence, Strauss-Kahn said.


According to him, Macedonia has a sustained track record of sound economic policies. Its economic fundamentals and policy framework are strong, and the Macedonian authorities have demonstrated a commitment to maintaining this solid record. I therefore intend to move ahead rapidly in seeking approval by the Fund’s Executive Board of Macedonia’s request for a PCL, Strauss-Kahn stated.


Macedonia, as indicated in the statement, requested a two-year IMF’s Precautionary Credit Line (PCL) in the amount equivalent to SDR 344.5 million, i.e. approximately €400 million, 500 percent of quota, in the first year, rising to SDR 413.4 million, i.e. approximately €480 million in the second year.(MIA)


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