Brussels, 10 July 2023 (MIA) - The General Affairs Council (GAC) approved Monday the decision on providing macrofinancial assistance for North Macedonia in the amount of EUR 100 million for management of the effects caused by the Russian aggression on Ukraine, MIA reports from Brussels.

The decision requires approval from the Council and will enter into force once signed by the presidents of the European Parliament and Council and published in the Official Journal of the EU.

The draft-decision, which was adopted by the European Commission on February 6, followed by the European Parliament on June 13 and the Committee of Permanent Representatives (COREPER) last week, ensures EUR 100 million in macro-financial assistance to support the country's economic stabilisation and substantive reform agenda.

The proposed assistance will contribute to covering North Macedonia's financial needs in 2023 and 2024, supporting its fiscal sustainability and structural reforms. The proposal is accompanied by a 24-month precautionary and liquidity line worth EUR 530 million approved by the International Monetary Fund (IMF).

The EU assistance is set to be paid in the form of loans, in two installments, but depending on the policy reforms in the fields of fiscal management, tax policy, public investment management, public-private partnerships, business environment, state aid transparency, energy efficiency, judiciary reforms and fight against corruption, as well as implementation of the IMF programme.

Photo: MIA archive