Yugoslav Republic of Macedonia: Second Post-Program Monitoring Discussions

International Monetary Fund

No 2014/062, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews the key points of Second Post-Program Monitoring Discussions with the Former Yugoslav Republic of Macedonia (FYR Macedonia). Growth in FYR Macedonia continues to strengthen, although the recovery is not yet broad-based. External and fiscal vulnerabilities have risen: private non-debt-creating capital flows have slowed and could leave the reserve path increasingly driven by an accumulation of external public debt. Central government debt has increased by about 15 percentage points since the beginning of the global financial crisis, in the context of growing broader public sector operations. In the absence of domestic spillovers, the structural improvement in the trade deficit will be gradual, and growth could be uneven.

Keywords: ISCR; CR; Macedonia; NBRM authorities; government; Macedonian authorities; IMF staff; fund advice; FDI project; liquidity line arrangement; alternatives to drawing; Credit; Foreign direct investment; Debt service; Europe; Global; central government debt; I. debt sustainability analysis; baseline debt dynamics; policy credibility (search for similar items in EconPapers)
Pages: 48
Date: 2014-02-26
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