Skopje, 9 November 2023 (MIA) - North Macedonia and other countries in the region get a strong tool for the implementation of reforms on the European path via the Growth Plan for the Western Balkans, ensuring networking, support for reforms and financial backing in the form of grants and loans, in order to create an improved economic environment for both citizens and the private sector, agreed Finance Minister Fatmir Besimi and European Union Ambassador David Geer on Thursday.

Regional ministers of finance and economy, as well as the chief negotiators for the Growth Plan are to meet in Skopje on November 17, the Ministry of Finance said in a press release.

"The Growth Plan provides support to the country's economic integration at the EU Single Market, further strengthening the networking of the Common Regional Market, accelerating fundamental reforms and increasing the financial assistance for support of reforms. Enhancing economic integration with the European Union's single market will be carried out through free movement of goods, free movement of services and workers, access to the Single Euro Payments Area (SEPA), facilitation of road transport, integration and de-carbonisation of energy markets, Digital Single Market, and integration into industrial supply chains. As part of the Growth Plan, every Western Balkan partner will be invited to prepare a Reform Agenda based on existing recommendations including from the annual Enlargement Package and the countries' Economic Reform Programmes (ERP).

The Reform and Growth Facility for the Western Balkans for the period 2024-2027 is a proposal for a new instrument worth EUR 6 billion, consisting of EUR 2 billion in grants and EUR 4 billion in concessional loans, with payment conditioned on the Western Balkans' partners fulfilling specific socio-economic and fundamental reforms.

Besimi and Geer agreed that the European Commission Progress Report notes the progress achieved through the adoption of the new Law on Budgets, which involves implementing fiscal rules, a Fiscal Council and a midterm fiscal framework, reads the press release.

Photo: Ministry of Finance