Washington, 13 April 2023 (MIA) – Opportunities for cooperation between North Macedonia and the United States in the field of public finance were discussed at Thursday’s meeting between Minister of Finance Fatmir Besimi and the Deputy Assistant Secretary for Europe and Eurasia at the U.S. Department of the Treasury, Brian McCauley.

“In the past period, North Macedonia has worked on the implementation of a significant reform in public finance management. We adopted the new Law on Budgets, which means the replacement of the old traditional way of budgeting and the implementation of a new modern way based on accurately determined and defined rules in the process of planning and execution. These are novelties to be implemented in the coming period, and on this issue we welcome assistance of institutions that have the necessary know-how and experience,” said Besimi.

The U.S. Treasury, according to Besimi, provides significant technical assistance in strengthening public finance management, efficiency, transparency, and accountability of public finance, as well as the tackling of the informal economy.

“This kind of assistance will boost the capacities of our institutions, which have to implement reforms with economic prosperity as the end goal,” underlined Besimi, adding that the reforms are being implemented at the same time with the implementation of new modern digital platforms such as IFMIS - the Integrated Financial Management Information System.

At the meeting, Besimi stressed that the Finance Ministry is committed to maintaining macroeconomic stability, as well as responsible public finance management, fiscal consolidation, sustainable levels of public debt and investment of budget funds in areas where they would have the largest effect.

“The drafting and adoption of the plan for accelerated economic growth was to that end as well, serving as a basis for an increase in economic growth. The goal of the plan is to increase the total investments in the economy, while at the same time maintaining the course of budget deficit reduction and the public debt at a stable level,” said Besimi.

At the meeting, Besimi and McCauley also spoke about assistance concerning the development of the financial market of state securities, and recommendations regarding the new instruments expected to be introduced to the primary market of state securities, as well as support for the boosting of the capacities of the Public Revenue Office and the Customs Administration.

The Finance Minister’s meeting with McCauley was held during his visit to the United States, as part of which he earlier held meetings at the UN. Starting Thursday, together with the Governor of the National Bank, Anita Angelovska-Bezhoska, Besimi will attend the Spring Meetings of the World Bank and the International Monetary Fund.

The Ministry said the U.S. has continuously provided support to North Macedonia for the implementation of its priority goals, democratic and economic development and Euro-Atlantic integrations, the estimated support provided so far as part of the 30-year-long partnership stands at USD 840 million.

Since 2022, the partnership between the two countries has been elevated to a higher level with the holding of the Strategic Dialogue with the U.S.