Standard&Poor’s Credit Rating Agency upgraded the outlook on the ratings to stable from negative for the future credit borrowings of the Republic of Macedonia. The Government has been informed that its sovereign credit rating improved to BB stable from BB negative.

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According to Vice Prime Minister and Minister of Finance Zoran Stavreski, this is one more positive signal for the country, based on the ease of external risks, narrowing of current account deficit and confirmation for no risks to the economic stability.

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– What has contributed to the improved outlook on the rating were the two Supplementary Budgets, which led to harmonizing the government spending with the developments in the real sector, contributing to macroeconomic stability and deficit decline.

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Standard&Poor’s pointed out that Macedonia has one of the lowest deficits in the region. Attracting external funds through the Eurobond and the additional credit funds, such as the credit from the European Investment Bank, the World Bank, etc., according to S&P, helped improving the liquidity, i.e. increasing the overall volume of funds, above all the external liquidity. It is pointed out that these Government policies and measures contributed to improved foreign currency reserves, which are at high stable level, amounting to EUR 1,530 billion, meaning they are back at the level before the crisis, as well as when Macedonia experienced high growth rates, Minister of Finance said.

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He also added that all this provides for the perception of foreign investors to be better, for interest rates at which the country borrows on the credit market to decline, as well as for the economic and political image of the country in general, as a stable country with stable future as stated in the credit rating report.

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