19th January 2019, Skopje – Fitch Credit Rating Agency acknowledges the successful fiscal policy, pointing out the public finance system reforms, such as, pension reform, public procurement system and fiscal rule for municipalities, Minister of Finance, Dragan Tevdovski, said. Today, Fitch has affirmed Macedonia at ‘BB’, after it revised the country’s outlook to positive from negative.
– Fitch has acknowledged the successful fiscal policy. They mainly point out the public finance reforms, thereby focusing on the public procurement system reform, the pension reform and the fiscal rule for the municipalities. Reforms, coupled with the stabilization of the political environment, have revived the economic activity, Fitch underlined, clearly pointing out the positive contribution expected from the paved way for Macedonia’s membership of NATO. We are not going to stop here. It is important for us to continue implementing the reforms, Tevdovski said.
As stated in Fitch Report, progress in resolving the name issue with Greece will pave the way of Macedonia’s membership of NATO and support the start of formal negotiations on EU accession.
Fitch states that improved political stability has supported a revival in the economic activity. It is forecasted that GDP growth will strengthen from 2.3% in 2018 to 3.2% in 2019 and 3.6% in 2020. In addition, improvements to public finance management are being pursued under a program agreed with the EU. Further on, Fitch states that general government debt, officially estimated at 40.8% of GDP at the end of 2018, is below the current peer median (47%), while government guarantees accounts for 8.0% of GDP.
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