Skopje, 13 May 2025 (MIA) - Minister of Finance Gordana Dimitrieska Kochoska attended on Tuesday in Brussels the 11th Economic and Financial Dialogue between the EU and candidate countries. Some of the recommendations for the Republic of North Macedonia from the joint conclusions of the meeting include full implementation of the new Budget Law and implementation of a prudent fiscal policy through adopting concrete measures for fiscal consolidation, reducing the deficit, strengthening the efficiency of budget revenue collection, etc. 

"The joint conclusions of the dialogue, in terms of strengthening fiscal management, implementing capital investments, strengthening the efficiency of tax administration and monitoring fiscal risks, are in line with the reforms provided for in both the Reform Agenda and the Public Finance Management Reform Program," Minister Dimitrieska Kochoska said. 

She added that amid global economic instability, fiscal policy is aimed at responding to the uncertainties present in both the global and the domestic economy. Given that fiscal space is limited as a result of successive crises, she noted, fiscal policy is faced with the challenge of achieving fiscal consolidation, as well as financing initiatives that support growth.

"In the face of geopolitical turbulence and trade wars, we need to enable our companies to develop by creating a dynamic business environment that will unleash their growth potential. What is important for the private sector is the willingness of our governments to provide quality tax policies, quality infrastructure, an available and quality workforce, affordable energy, a lower administrative burden, and a legal framework that will enable the creation of regional supply chains. What we, as policymakers and decision-makers, need to think about and decide is how to create a dynamic business environment that will help our companies quickly adapt to the current fierce competition in the global market," said Dimitrieska Kochoska. 

In this regard, she pointed out that the Government is committed to transformative reforms in the country focused on digital transformation, sustainable energy transition, strengthening human capital, strengthening the rule of law, and better management of public finances, which are areas that are in the focus of the country's reform agenda.

According to the participants, the Economic and Financial Dialogue will continue to play an important role in achieving the broader goals of good governance and economic prosperity. They agreed that the dialogue should continue to play a central role in determining common policy guidelines to support sustainable medium-term economic growth and gradual alignment with the economic criteria for EU accession. The participants stressed that the implementation of the joint conclusions, as well as the economic reform programs and reform agendas, have a key role in achieving progress, the Ministry of Finance said in a press release. 

The focus of this year’s meeting was Europe’s competitiveness in the context of current geopolitical developments and the need to simplify the legal framework in order to reduce the administrative burden of the companies. Companies need to be enabled to strengthen competitiveness through investment and innovation for the economy to create growth and jobs in conditions of a trade war.

The Annual Economic and Financial Dialogue in Brussels is attended by representatives of EU member states, the European Commission, the European Central Bank, the European Investment Bank, as well as finance ministers and central bank governors from the Western Balkan countries, Türkiye, Georgia, Moldova and Ukraine.

Photo: Ministry of Finance