Skopje, 13 October 2023 (MIA) - The economic performances of North Macedonia are positive. The economy has been more resilient than expected in the first half of 2023, inflation has dropped to single digits, budgetary policies are realized according to projections, there is gradual fiscal consolidation, whereas the share of capital expenditures to five percent of the GDP will play a significant role in generating economic growth, agreed Finance Minister Fatmir Besimi and World Bank Vice-President Antonella Bassani, Executive Director Koen Davidse, and Country Director for the Western Balkans, Xiaoqing Yu, at a meeting held within the World Bank-IMF Annual Meetings in Marrakech, Morocco.

"We have been fostering an exceptional partnership with the World Bank for 30 years now. The bank has supported projects worth US$ 2.8 billion in the projects' implementation. Support has been provided in circumstances of economic uncertainty and the negative effect of Covid-19 and the war in Ukraine, as well as the projects currently implemented and related to improvement of municipal infrastructure, construction of roads, modernization of agriculture, energy efficiency, reforms in the social field and elementary education," said Minister Besimi.

By the end of the year, he added, we expect to finish the development of the new five-year programme. Projects have already been defined, aimed at maintaining the reform process on the road to EU accession and ensuring a more sustainable, more resilient and green growth.

In addition, a loan on development policies worth about US$ 100 million is to be adopted by the year-end, focused on supporting the process of public administration reforms, countering the informal economy, as well as supporting the measures and activities incorporated in the Plan for accelerated economic growth.

National Bank Governor Anita Angelovska-Bezhoska also attended the meeting, the Ministry of Finance said in a press release.

Photo: Ministry of Finance