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Additional EUR 6 million available for zero-interest business loans

Additional EUR 6 million have been allocated for zero-interest loans for enterprises impacted by the effects of the coronavirus, Finance Minister Nina Angelovska said Thursday during a press conference in front of the Economy Ministry building. 

Skopje, 19 March 2020 (MIA) – Additional EUR 6 million have been allocated for zero-interest loans for enterprises impacted by the effects of the coronavirus, Finance Minister Nina Angelovska said Thursday during a press conference in front of the Economy Ministry building.

“We’re preparing for the worst, but hope for the best. We said yesterday that EUR 6 million have been allocated from the Development Bank of North Macedonia for zero-interest loans for enterprises impacted by the effects of the coronavirus. Additional EUR 6 million have been made available for this aim today,” Angelovska said.

She added that negotiations are underway with the European Investment Bank (EIB) for securing an additional EUR 50 million for no-interest loans for companies recovering from the effects of the coronavirus.

In the next three months, Angelovska underlined, EUR 10 million will be available for corporate income tax advance payments for companies impacted by the coronavirus, as well as EUR 20 million for subsidizing 50% of employee benefits, and EUR 60 million for zero-interest business loans.

“It’s the government’s responsibility to help companies overcome this challenge. These numbers add up to about EUR 100 million, with the possibility for this sum to increase depending on additional measures. The budget can’t fund salaries in all companies for the next three months or pay off all their debts, no country can do this. Our job is to help any way we can. We make daily forecasts, that’s how quickly the situation changes. That’s why we’ve asked for an estimation of both short and long-term effects of the coronavirus,” Angelovska said.

She added that stakeholders are negotiating postponing loan payments for the next three months.

“The financial stability committee is set to meet today with banks’ representatives and discuss postponing loan payments for citizens and companies impacted by the coronavirus. We need to make sure that financial stability remains undisturbed when citizens restart loan payments,” Angelovska said.

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