2nd March 2023, Skopje – Republic of North Macedonia implements consistent, sound and sustainable macroeconomic policies. The new reality dictated by the several successive crises requires readiness to pursue adequate and efficient policies, most of which entail prompt response, while safeguarding the public finance at the same time. This was pointed out by Minister of Finance, Fatmir Besimi, taking part in Skopje Economic Forum II, organized by Delph Economic Forum and the Greek Business Association.
“Again such global settings, we place focus on cutting the costs and making them more efficient. Policies should be clear, in terms of demonstrating our firm commitment to pursuing macroeconomic and fiscal policies in support of fiscal consolidation, while putting targeted measures in place. Thus, we send a clear message about the credibility of the policies, thus creating room for our securities demand, when stepping in on the international market”, Minister Besimi said.
He stressed that the implementation of sound macroeconomic policies is aimed at underpinning the economic growth. The structural expenditure changes we make, are also focused thereon. Some of these reliable mechanisms have already been incorporated in the Organic Budget Law. Treasury system is being digitalized, with new Capital Investment Unit being created as well. Changes have already been made as regards the expenditure structure. Thus, this year, when there are still measures in place, aimed at managing the crisis, out of the total budget deficit, accounting for 4.6% or amounting to EUR 700 million, EUR 250 million are funds allocated for anti-crisis measures, i.e. 1.6% is intended for anti-crisis measures. Amid ordinary conditions, if it was not for these anti-crisis measures, the deficit would have accounted for 3%. In addition, capital expenditures are projected in the amount of EUR 800 million. Under such structure, conditions are created in support of the growth, with the capital expenditures accounting for 5.2% of GDP, ranging between 2% and 3% in the past period, Minister of Finance said.