Skopje, 24 August 2021 (MIA) - Standard and Poor’s (S&P) global rating agency has confirmed North Macedonia’s credit rating at BB- with a stable outlook. The international agency says the stable outlook reflect the expectations that the projected economic recovery of the country will help in limiting the fiscal and external deficit in 2022, said the Finance Ministry on Tuesday. The rating, said the agency, could go up if continued structural reforms strengthen the institutional capacities all the while maintaining sustainable fiscal policies. According to the report, the country’s aspirations to join the EU could serve as the anchor for institutional improvements and progress in structural reforms. Standard & Poor’s in its report says North Macedonia’s economy is recovering from the consequences of the pandemic. Despite contracting in the first quarter, the economy is expected to record a growth of 3.7%. Growth is motivated by sound recovery of foreign demand, which reflects the specifics of North Macedonia’s integration in to international chains of suppliers, as well as private consumption as a result of the benefits from the recovery of private transfers and from the government’s stimulus measures for the economy. Potential worsening of the epidemiological situation and accompanying restrictions remain a risk to economic recovery, but the global credit rating agency says the country’s exports have proven resilient to introduced restrictions. As regards the state debt, the agency says it expects to be 58% of the GDP by 2024. Also, the law on budgets, which is due to be adopted, may help in strengthening prudent fiscal policies and enhancing fiscal framework. North Macedonia’s external resilience, says Standard & Poor’s, is evident in its capability to attract foreign investments, especially in the sector of exports. It is expected the positive trends to continue in the period between 2021 and 2024, says the global rating agency.