FYR Macedonia, Worldbank and IMF agree on nearly EUR 600 million support for various projects

FYR Macedonian delegation, led by Vice Premier and Finance Minister Zoran Stavreski, is coming back in upbeat mood from the World Bank (WB)/International Monetary Fund (IMF) annual assembly after it agreed on nearly EUR 600 million support for the country's economy with the two institutions.

"IMF and World Bank expressed satisfaction from the quality of economic policies and results achieved in time of crisis, i.e. economic recovery and preservation of stability. Both institutions voiced readiness to help FYR Macedonia in the coming period, so that we exit the crisis sooner and achieve higher economic development. In this regard, it is quite significant that the two institutions have promised to help FYR Macedonia with nearly EUR 600 million, of which IMF is to provide EUR 400 million, while the World Bank should allocate EUR 150-200 million depending on projects agreed", said Vice Premier Stavreski. Pertaining to IMF, he referred to the possibility of FYR Macedonia becoming the first country to obtain the so-called open credit line, which the Fund gives to countries with strong and sound economic policies, thus verifying their quality.

"We should discuss the details of the credit line with experts and businessmen and see whether it is in FYR Macedonia's benefit at this point of time", added Stavreski. Talks with the World Bank focused on defining credits and projects in the coming year, primarily in the energy field.
"This includes the energy project for long-distance power-line towards Serbia and budgetary support amounting to US$ 30 million, as well as a smaller insurance project. WB expressed readiness to fund dam Lukovo Pole and we will develop the complete documentation for the purpose of accelerating its implementation", said Stavreski.He also referred to talks with the International Finance Corporation (IFC) and their increased participation in the private sector.

"I am satisfied from FYR Macedonia's reception and the preparedness of the largest financial institutions to be its partners in the coming years, for the benefit of the country's economy and citizens", underlined Vice Premier and Finance Minister Zoran Stavreski.
The FYR Macedonian delegation was also comprised of Vice Premier for Economic Affairs Vladimir Pesevski and Deputy-Minister of Economy Metodij Hadzi-Vaskov.

News source: Balkans.com link: article