Former Yugoslav Republic of Macedonia: Selected Issues
IMF Staff Country Reports, February 4, 2011
Source details
- Canonical URL
- Former Yugoslav Republic of Macedonia: Selected Issues
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Bibliographic details
- Published: February 4, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455216673.002
Research questions and scope
- Asks whether reliance on Eurobond financing over the medium term is consistent with sound debt management policy.
- Asks whether Macedonia can reasonably expect Eurobond borrowing costs to fall in the future.
- Paper length: 25 pages.
- Timeframe highlighted for financing plans: 2011–12.
Main findings
- Eurobond financing appears justified in the near term.
- 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 through Eurobond issues.
Policy implications and recommendations
- Use Eurobond issuance to meet near-term financing needs while monitoring borrowing costs and market conditions.
- Develop domestic debt markets as a complementary and longer-term funding source to reduce reliance on external Eurobond financing.
- Integrate debt management strategy with broader public financial management to manage risks associated with concentrated external debt issuance.
Thematic coverage and keywords (as listed)
- 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.
International Monetary Fund. "Former Yugoslav Republic of Macedonia: Selected Issues", IMF Staff Country Reports 2011, 033 (2011).
Content in this bundle
- Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 11/33; January 4, 2011