Skopje, 20 August 2022 (MIA) - Standard & Poor’s (S&P) Credit Rating Agency has confirmed North Macedonia’s credit rating at BB- with a stable outlook, which is due to the government's proactive policy creation to alleviate the crisis arising from the Russia-Ukraine crisis, it was noted in the S&P report. The Agency also notes the government's efforts made to strengthen the public finances system, including the new budget law, envisaging reforms aimed at budget planning and control of realization. "Maintaining of the credit rating in continuity despite the effects of the Russia-Ukraine war and the energy and price crisis is of key importance, because it is seen as a positive signal and a clear indicator for the investors' confidence in the policies implemented in the country," the Finance Ministry says in a press release on Saturday. The country, according to the report, will overcome the impact from the Ukraine conflict, where it is expected economic growth to strengthen in 2023 after a projected slowdown in 2022. "Inflation will drop as price pressure will let up," says the report adding that risks coming from the Russia-Ukraine conflict and progress in the EU integration process is the basis for a structural and institutional development supporting economic perspectives. S&P says deficit in 2022 will stand at 5.1% with gradual consolidation in the next four years. Increase is due to the need to provide funds for new anti-crisis measures to protect the citizens' standards and to improve the standards for living, higher pensions, liquidity of the economy and subsidies in agriculture. Net inflow of foreign direct investments, states the Agency, remains high at EUR 100 million in the first quarter of 2022 alone. The credit rating of a country shows the level of risk from investing there and it is one of the key indicators that is taking into consideration by potential investors. North Macedonia has had BB- credit rating with stable outlook since 2013.