Skopje, 4 September 2023 (MIA) - The country has managed to maintain its stability and the sound macroeconomic setup despite the turbulent period of several global economic crises. A proof of this is the approval of the Precautionary and Liquidity Line (PLL) in the amount of EUR 530 million, which is available for countries with sound economic fundamentals, agreed Finance Minister Fatmir Besimi and the new International Monetary Fund (IMF) Western Balkans Representative, Sebastian Sosa, on Monday.

"As in other countries, the effects of the prolonged period of crises are felt in North Macedonia as well. We have been undertaking continued measures to manage the global impact in order to maintain the stability and protect the citizens' standard," said Minister Besimi.

He said that public finance management represents a challenge amid the turbulent economic environment imposed by the health and energy crises, noting that the 2023 budget was created to mitigate the crisis consequences and ensure uninterrupted financing of the Euro-Atlantic integration process, meeting of NATO standards, but also to set the foundations for economic recovery and accelerated economic growth.

Efforts for fiscal consolidation have continued, resulting in gradual decrease of the budget deficit, with the aim of it dropping under three percent in the midterm, in line with the Maastricht criteria.

Sebastian Sosa replaces Stephania Eble in the post.

Photo: Ministry of Finance