Besimi: IMF Board approves PLL, first tranche of EUR 110 million
Skopje, 23 November 2022 (MIA) – North Macedonia will receive a first tranche of EUR 110 million after the International Monetary Fund (IMF) Executive Board approved a two-year arrangement for the country under the Precautionary and Liquidity Line (PLL) in the amount of about EUR 530 million.
“The policies we implement have enabled the country's access to this Instrument, which provides funds on much more favorable terms than the current ones in the financial markets. This means that funds are provided for policies planned with the budget revision until the end of the year, funds to deal with outside shocks, funds to support citizens and companies, and above all, the most important thing is to ensure stability in the food and energy supply,” said Finance Minister Fatmir Besimi.
According to him, this is a confirmation from the IMF of the healthy and sustainable policies that the Government has been carrying out during the past period amid a crisis, as well as the policies that are planned for the coming period, aimed at accelerating economic growth in the medium term.
The approval of the PLL arrangement allows an immediate disbursement of about EUR 110 million, which would be followed by another EUR 155 million disbursement upon completion of the first review planned in May 2023. The authorities intend to draw on the PLL arrangement during the first year.
The PLL, which was introduced in 2011, provides financing to meet actual or potential balance of payments needs of countries with sound policies, and is intended to serve as insurance or help resolve crises under wide-ranging situations.
