Skopje, 17th October 2012 (MIA) – Budget and budget needs, as well as settlement of liabilities next year, are fully covered with the announced funds coming from the World Bank and other creditors.

 

Vice Prime Minister and Minister of Finance, Zoran Stavreski, told reporters today, underlining that, with the new borrowing, Macedonia would remain to be a low-indebted country.

– We have agreed two arrangements with the World Bank. The first one refers to budget support in the amount of US$ 50 million, i.e. Development Policy Loan for improving competitiveness of the Macedonian economy, while the second arrangement is a policy-based guarantee by the World Bank for the policies the country conducts and the reforms it implements in many sectors. Under this guarantee, Macedonia will access the capital market, and will secure financial resources in the amount of EUR 200 million to EUR 250 million through the international commercial banks. The exact amount of funds depends on the conditions and the offer we receive from the banks. However, in both cases, funds from the World Bank and funds provided from other creditors, as well as domestic financing, will not only fully cover the budget and the budget needs for the next year, but will also provide funds for full settlement of liabilities next year, Minister of Finance said, adding that liquidity in the economy would thus be significantly improved.

He underlined that Macedonia would not become high-indebted country with such borrowing. – Macedonia remains to be a low-indebted country even with the funds which are to be extended from the World Bank, being among the five least-indebted countries in Europe, since, at the same time, we are repaying credits and settling liabilities under both foreign and domestic borrowing, Stavreski pointed out.

He explained that in the course of this year, the Government repays EUR 145 million, meaning the debt will be reduced, and, at the same time, EUR 345 million is envisaged to be repaid on the basis of liabilities previously arranged, EUR 175 million out of which pertains to the Eurobond, falling due on 8th January. – Hence, we will repay half of the total funds at the beginning of January, and we are fully covered with the necessary financial resources. I believe these indicators can show that Macedonia remains to be low-indebted country, Minister Zoran Stavreski stressed.

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