Washington, 9th October 2010 (MIA) – Open credit line is a new instrument of the International Monetary Fund, aimed at assisting countries with sound economic policy to easier manage the crisis, IMF Mission Chief for Macedonia Wes McGrew said following the discussions with the Macedonian delegation headed by Vice Prime Minister and Minister of Finance Zoran Savreski, at the Annual IMF and WB Meeting in Washington, MIA reported.
– Credit would be intended for dealing with circumstances caused by unexpected difficulties and it should provide security in case the country needs larger loan, in this case EUR 400 million, thus underpinning the economic policy of the country, McGrew said. According to Stavreski, the new instruments is a security instrument, and as regards the funds to be available to the country, if such agreement is reached, in the amount of EUR 400 million, i.e. five times more than the quote of the Republic of Macedonia in the IMF, Macedonia can use them, but not necessarily.
He pointed out the fact that these funds are allocated to countries for which IMF is confident they conduct sound economic policies.
– We are satisfied that Macedonia is the first country, the Fund is discussing with about this new instrument, i.e. Macedonia is the first country that could potentially obtain this new instrument, intended for countries having sound economic policies, and according to the Fund, conducting good macroeconomic policies, Stavreski pointed out.
As regards the next phase, he added, we should additionally discuss the details about the manner, according to which IMF carries out the assessment, to be announced during the next IMF visit to Macedonia.
IMF offer will be assessed by the Government together with the experts and the businessmen, and if Macedonia opts for it, the funds would be used for realization of the Government policy for capital investments, budget support, as well as for foreign debt repayment. Today, Vice Prime Minister Stavreski, within Annual IMF and WB Meetings in Washington, also met the IMF Executive Director Mr. Age F.P. Bakker and Raphaël Alomar Governor of the Council of Europe Development Bank.
According to the agenda, Macedonian delegation, also comprising Vice Prime Minister in charge of Economic Affairs Vladimir Pesevski and Deputy Minister of Economy Metodij Hagi-Vaskov should meet World Bank Vice President Philip Le Houerou and Country Director and Regional Coordinator for Southwest Europe Jane Armitage, as well as high IMF and WB officials, Naoyuki Shinohara and Ruud Treffers.