Macedonia economy stable despite political crisis: IMF, World Bank

Macedonia’s economy is stable despite all the challenges of the political crisis, the International Monetary Fund (IMF) and the World Bank have said, MIA reported.


Macedonia’s economy this year is expected to record a growth of nearly 3%, it has been noted at the Spring Meetings in Washington, where a Macedonian delegation - led by Finance Minister Kiril Minoski - is also in attendance.

“All relevant financial institutions have noted that despite the prolonged political crisis, the economy is producing positive results. The year 2016 was wrapped up with a GDP growth, revenue collection is satisfactory and it continues to mark progress in the first half of 2017, budgetary deficit is within the frameworks defined by the Maastricht Criteria. Thus, the general conclusion is that almost all macroeconomic fundaments of the economic policy in Macedonia are sound and that Macedonia – despite all of the circumstances – is demonstrating positive results,” said Minister Minoski.

According to Dimitar Bogov, IMF and the World Bank have based their forecasts about the Macedonian economy on the well-founded grounds of the economy.

“The IMF and the World Bank predict that Macedonia’s economy will continue to grow and according to them, growth is going to be registered at nearly 3%. It comes as a result of the sound fundaments of the Macedonian economy. Still, it is less than the capability of the economy to prosper, and the reason lies in the unfavorable domestic political surrounding,” stated the Governor of the National Bank of the Republic of Macedonia (NBRM).

Infrastructure projects yield positive results for the development of Macedonia’s economy, it was stressed in meetings of the Macedonian delegation with top IMF officials.

FinMin Minoski said Corridor 10 would be completed in June 2017. Negotiations are underway with the European Bank for Reconstruction and Development (EBRD) for funding of Corridor 8 sections, namely a highway section from Kicevo to Gostivar and a railroad connection from Kriva Palanka to the Deve Bair border crossing.

“These are projects that are vital from a strategic point of view because they provide access to alternative ports from Macedonia, ensure GDP growth in the short-term, while in the long run they provide better conditions for running businesses in Macedonia,” stated Minister Minoski.

The World Bank and the EBRD in Macedonia support projects estimated at billion and a half euros, most of which are infrastructural projects.

Interlocutors at the meetings also discussed projects implemented with the Council of Europe Development Bank in the sectors of healthcare and education. They include the construction of a clinical center in Skopje and a clinic in Stip.

The Macedonian delegation at the Spring Meetings in Washington with officials of the IMF and the World Bank discussed ways to support the private sector in Macedonia, in particular small and medium-sized enterprises.

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