Skopje, 21 May 2022 (MIA) – Additional EUR 76 million earmarked for measures to help protect the citizens’ standards and support businesses is provided under the budget’s revision as financing for protection or reserve to be included in a new set of measures if necessary. Also, additional EUR 52 million is provided to award subsidies to farmers, Finance Minister Fatmir Besimi revealed Saturday. The budget’s revision, passed by the government at yesterday’s session, also secures funds for pensions’ increase and teachers’ pay raises, subsides for the minimum wage increase both in the public and private sector alongside financing for social benefits. “The budget revision is adequate and timely fiscal response to current global developments. The revision is fully designed for economic recovery from the pandemic and to support the citizens and businesses amid the global price and energy crisis,” Minister Besimi told a news conference, Economic growth for 2022 is projected at 3.2 percent, down 1.4 percentage points compared to the macroeconomic projections when this year’s budget was created. It is expected consumption to be the main driving force of growth with private consumption projected at a 3.3% growth. “The effect of price hikes on households is expected to be cushioned by increasing the minimum wage, raising pensions alongside other government measures,” he said. Inflation rate is projected at 7.2 percent, considered an intensification of the price increase compared to 2021. International financial institutions, noted Besimi, expect price pressure to stabilize moderately and gradually in the second half of the year with fully stabilizing next year. According to the Finance Minister, an increase in workforce demand is expected this year after being stimulated by the active employment measures and support for local and foreign enterprises for job creation. According to the basic macroeconomic scenario, the increase in the number of employees is projected at 1.6 percent, which will contribute to average employment rate to rise to 47.9 percent and the unemployment rate to drop to 14.5 percent. Average pay is expected to rise with a projection of 11 percent in 2022 after minimum wage was increased by 18.4% in March, teachers’ pays also increased as well as pays in several sectors, including the IT industry.