Skopje, 17 September 2024 (MIA) - The Parliament adopted Tuesday the law on the EUR 500 million loan from the Hungarian government with 65 'yes' votes.

During the discussion, the opposition accused that the loan agreement was made behind closed doors, with utterly suspicious intentions, leading to enormous political and economic consequences and enormous increase of the public debt.

On the other hand, VMRO-DPMNE lawmakers said the procedure is transparent and it is the first loan, which funds are already earmarked in support of municipalities and the economy.

The loan from the Export-Import Bank Hungary will be withdrawn in a single tranche, with a 15-year repayment period and a three-year grace period, at a fixed interest rate of 3.25 percent. It will be repaid in 24 semiannual installments, due on February 15 and August 15 of each year.

The Republic of North Macedonia will pay the Export-Import Bank a 0.5 percent annual fee on the undrawn loan amount. The fee for undisbursed funds will be calculated on a daily basis on the undrawn portion of the loan, from the date the funds become accessible, and will be payable on the first business day following the end of the availability period. Additionally, the Republic of North Macedonia will pay a fee for legal services to an independent firm selected by the Hungarian Export-Import Bank. The fee for legal services will be paid before the tranche is withdrawn.

The law was adopted through expedited procedure.