Washington, 8th October 2010 (MIA) – International Monetary Fund (IMF) offers Macedonia unconditional open credit line worth up to EUR 400 million with favourable interest rate of 1.3% annually, Vice Prime Minister and Minister of Finance, Zoran Stavreski said in Washington today, MIA reported.
As he said, Macedonia has been given an excellent offer from the IMF, however it is not a matter of an arrangement but rather a credit.
– It is not a matter of an arrangement but rather a credit, which Macedonia could use under exceptionally favourable interest of 1.3% if we estimate that this is positive and good for the country. Macedonia has an opportunity to obtain it as a result of our high-quality economic policies, Stavreski pointed out, following the meetings with high IMF officials in Washington, heading the Macedonian delegation at the Annual IMF and WB General Meeting.
Vice Prime Minister explained that IMF has introduced this instrument recently for countries such as Macedonia, not facing an urgent BOP problem or other difficulties, but rather being in a need for financial resources so as to realize capital investments, pay liabilities towards the private sector, so as not to borrow on the domestic market through government bonds and similar.
– This offer remains to be considered, to be reviewed together with the experts, the businessmen and the Government, in particular, whether Macedonia should and can use these funds for the next year, Stavreski pointed out.
IMF offer was made on the basis of the assessment for good macroeconomic policy. Credit line from this financial institution is flexible instrument, offering cheap credit funds with no rigid requirements, as the one envisaged under a traditional arrangement, which includes conditionalities to reduce the number of employees, salaries and similar, being under constant supervision by the IMF. If Macedonia opts for this offer, the funds would be used for realization of the government policy for capital investments, in the field of infrastructure, health and education, for budget needs, as well as for foreign debt repayment. Macedonia is the first country to be offered such credit line. Macedonian delegation at IMF and WB Annual Meeting also comprises the Vice Prime Minister in charge of Economic Affairs Vladimir Pesevski and Deputy Minister of Economy Metodij Hagi-Vaskov.
Estimates of the economic crisis in the past two years and the reaction by WB to the crisis, needs of the developing countries, as well as estimate of future challenges and possibilities, are among the topics to be discussed by the Ministers of Finance and Governors of IMF and WB member states during this year’s Annual Meetings in Washington.
Autumn meetings of the IMF and the World Bank are held every year. They are attended by Ministers of Finance and Governors of the Central Banks of 187 member states, discussing about the current developments in the global economy, as well as issues such as poverty reduction and encouraging economic growth.