22nd December 2020, Skopje - Anti-crisis measures cushioned the decline of the economic activity which occurred as a result of COVID-19 induced crisis. If no swift actions were undertaken, economic downturn in the first three quarters would have been by 1.2 percentage points higher, i.e. it would have been around 7.1% in the first three quarters rather than 5.9%. In the coming period, focus will be put, above all, on economic recovery, as well as setting the bases for accelerated and sustainable growth, Minister of Finance, Fatmir Besimi, pointed out at the Conference “Socio-Economic Consequences of COVID-19 in North Macedonia - Lessons Learnt and Recommendations for Successful and Sustainable Recovery”, organized by UNDP and Finance Think.
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20th December 2020, Skopje - Parliament adopted the 2021 Budget. This is the first medium-term budget presented before and adopted by the Parliament, within which the economy is projected to grow by 4.1% next year and budget deficit is projected to decline by 3.6 percentage points in relation to this year’s. As pointed out during the Budget presentation, main goals are to preserve the citizens’ health, support the economy, as well as accelerated growth and structural reforms.
18th December 2020, Skopje - Our main goal, in the medium run, is to intensify the economic growth from 2%-2.5% in the last decade to 4%-5% average annual growth in the next five years. We will attain this through the Strategy for Economic Recovery and Accelerated Growth - SmartER Growth, 2021 Budget being its integral part, Minister of Finance, Famir Besimi, pointed out at the 4th International Conference “Towards Sustainable Growth”, hosted by Mother Theresa University.
17th December 2020, Skopje - “Ministry of Finance plans to implement the largest reform in the field of capital market next year. Existing Securities Law will be replaced with two new laws: Law on Financial Instruments and Law on Securities Prospectus and Issuers’ Transparency Requirements. Under the reform, conditions will be created for development of new products and services on the financial market in the Republic of North Macedonia, higher level of market stability will be ensured, authorizations of supervision authorities will be strengthened, investors and market participants’ protection will be improved, Minister of Finance pointed out at “Stock Exchanges in 2020 - Review and Outlook of Local and Global Markets” Roundtable, organized by the Macedonian Stock Exchange.
17th December 2020, Skopje - Minister of Finance, Fatmir Besimi, had a meeting with the Ambassador of France in the country, Cyrille Baumgartner. The Minister informed the Ambassador about the economic plan of the Government to manage the crisis, as well as the key reforms and strategies prepared within the Ministry of Finance, providing for accelerated, sustainable and inclusive growth.
16th December 2020, Skopje - Funds for one-off compensation for all healthcare workers and personnel in the hospital treating COVID-19 patients, as well as fund for procurement of insulin and COVID-19 vaccines are provided with Budget reallocation for this year, totaling Denar 1.3 billion, which the Parliament approved today. In addition, funds are also provided for the Guarantee Fund for payment of state aid on the basis of concluded contracts, as well as for purchasing the building of Joint Stock Company for Managing Housing Premises.
16th December 2020, Skopje - Ensuring increased fairness of taxation, improved revenue collection, tax system to stimulate investments and innovations, thus boosting the economic growth, improved tax accountability (rising awareness for the need to pay taxes), increased tax transparency, better quality of services, digitalization and green taxation, are the priorities set in the five-year Tax System Reform Strategy. Public consultations were held today at the Ministry of Finance with the institutions, the business sector, the experts and the NGOs, also attended by the Minister of Finance, Fatmir Besimi.
15th December 2020, Skopje - New system for managerial accountability in financial management and control of public sector institutions will be introduced with the new Law on Public Internal Financial Control System, Minister of Finance, Fatmir Besimi, pointed out at the public discussions on the new draft Law.
13th December 2020, Skopje - In the medium term, average economic growth rate is projected to reach 5%, unemployment is projected to reduce to 12.4%, while employment rate is projected to surge to 52.1%. Net wage in the coming 5 years is expected to increase up to average rate of 4%. Following the overcoming of COVID-19 crisis, export is expected to experience double-digit growth starting next year. These projections are noted in the Fiscal Strategy which, for the first time, includes projection for 5 instead of 3 years all to the end of longer term planning.
12th December 2020, Skopje - Public Debt Management Strategy defines the limits for the three levels of debt - general government, guaranteed and total public debt in the coming five years, as well as the debt structure, all to the end of prudent debt management. According to the Public Debt Management Strategy, prepared by the Ministry of Finance, and in accordance with the fiscal consolidation policies which are to be implemented, public debt is to be reduced to below the Maastricht criterion, i.e. to 58.8%, by 2025 inclusive. General government debt, as per the Strategy, will account for up to 53.7% of GDP, following its stabilization and reduction to 51% in 2025.
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