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

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 188

Publication date: May 2006

ISBN: 9781451826098

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Topics covered in this book

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , 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

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Summary

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.