Brussels, 10 July 2023 (MIA) - The decision on providing macrofinancial support to North Macedonia in the amount of EUR 100 million for the management of the effects caused by the Russian aggression on Ukraine is one of the items on the agenda of the General Affairs Council (GAC) meeting in Brussels on Monday.

The draft-decision, which was adopted by the European Commission on February 6, followed by the European Parliament on June 13 and the Committee of Permanent Representatives (COREPER) last week, ensures EUR 100 million in macro-financial assistance to support the country's economic stabilisation and substantive reform agenda.

The proposed assistance will contribute to covering North Macedonia's financial needs in 2023 and 2024, supporting its fiscal sustainability and structural reforms. The proposal is accompanied by a 24-month precautionary and liquidity line worth EUR 530 million approved by the International Monetary Fund (IMF).

The EU assistance is set to be paid in the form of loans, in two installments, but depending on the policy reforms in the fields of fiscal management, tax policy, public investment management, public-private partnerships, business environment, state aid transparency, energy efficiency, judiciary reforms and fight against corruption, as well as implementation of the IMF programme.

Photo: MIA archive