Former Yugoslav Republic of Macedonia: First Review Under the Stand-By Arrangement, Requests for Waiver of Performance Criteria, and Extension of Repurchase Expectations

International Monetary Fund

No 2006/188, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper discusses key findings of the First Review Under the Stand-By Arrangement for Macedonia. Macroeconomic performance of Macedonia remains strong. Through end-December 2005, the authorities met all of the program’s quantitative performance criteria. Growth has remained steady at about 4 percent. Gross reserves have risen above €1 billion, allowing interest rates on National Bank of Macedonia bills to fall since November from 10 percent to 7 percent. To complete the First Review, the authorities have committed to strong policies, including measures to correct for delays in the program’s structural reforms.

Keywords: ISCR; CR; authority; opposition MP; monetary policy; staff appraisal; request; government securities market; sound fiscal policy; authorities project; Current account; Currencies; Credit; Eastern Europe; Southern Europe (search for similar items in EconPapers)
Pages: 88
Date: 2006-05-16
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