Former Yugoslav Republic of Macedonia: Selected Issues

February 4, 2011

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Former Yugoslav Republic of Macedonia: Selected Issues, (USA: International Monetary Fund, 2011) accessed November 23, 2024

Summary

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.

Subject: Commodities, Electricity, External debt, Financial markets, Government debt management, Public debt, Public financial management (PFM), Securities markets

Keywords: C. Eurobond-financing trade-off, CR, Electricity, Eurobond, Eurobond borrowing costs, Eurobond financing, Eurobond issue, Eurobond stock, Europe, Financing, Global, Government debt management, Import price differential, ISCR, Securities markets, Subsidy, Yield

Publication Details

Pages:

25
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2011/033
Stock No:

1MKDEA2011001
ISBN:

9781455216673
ISSN:

1934-7685

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