Skopje, 13 September 2024 (MIA) - The Parliament's Committee on Finances and Budget has endorsed the draft-law on the EUR 500 million loan from the Hungarian government, and the plenary session for the vote on the law is set to take place next Tuesday.

VMRO-DPMNE lawmaker Bojan Stojanovski chaired today's committee session, after SDSM's Sanja Lukarevska did not schedule the session within the 24 hour-deadline as per the Rules of Procedures. SDSM lawmakers did not attend the session.

Deputy Finance Minister Nikolche Jankulovski elaborated the law, saying the EUR 500 million will be withdrawn in a single tranche, the repayment period is 15 years, including a three-year grace period, the interest rate is fixed at 3.25 percent. North Macedonia will pay the Hungarian Export-Import Bank a commission on non-withdrawn funds in the amount of 0.5 of the loan annually. The loan will be repaid in 24 semi-annual installments, on February 15 and August 15 of each year.

In addition, North Macedonia will pay a commission for legal services to an independent firm selected by the Export-Import Bank prior to the tranche withdrawal.