Washington, 22 November 2022 (IMF/MIA) - The International Monetary Fund (IMF) Executive Board has approved a two-year arrangement for North Macedonia under the Precautionary and Liquidity Line (PLL) in the amount of about EUR 530 million. The PLL arrangement will support the authorities’ policies to address the economic fallout from two consecutive global shocks; the Covid-19 pandemic and Russia’s invasion of Ukraine. The approval of the PLL arrangement allows an immediate disbursement of about EUR 110 million, which would be followed by another EUR 155 million disbursement upon completion of the first review planned in May 2023. The authorities intend to draw on the PLL arrangement during the first year. North Macedonia qualifies for the PLL based on its sound economic fundamentals, strong institutional policy frameworks, track record of good economic performance and policy implementation, and commitment to maintain such policies in the future.