Former Yugoslav Republic of Macedonia: Selected Issues

International Monetary Fund

No 2011/033, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper asks 1) whether reliance on Eurobond financing over the medium term is consistent with sound debt management policy and 2) whether Macedonia can reasonably expect Eurobond borrowing costs to fall in the future. The main conclusions are that Eurobond financing appears justified in the near term but over a longer horizon, the country should seek to develop domestic debt markets as a complementary funding source. For 2011–12, the government plans to fully finance its fiscal deficits though Eurobond issues.

Keywords: ISCR; CR; Eurobond financing; Eurobond; financing; subsidy; yield; C. Eurobond-financing trade-off; Eurobond borrowing costs; Eurobond stock; import price differential; Eurobond issue; Electricity; Government debt management; Securities markets; Global; Europe (search for similar items in EconPapers)
Pages: 25
Date: 2011-02-04
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