Yugoslav Republic of Macedonia: Second Post-Program Monitoring Discussions

February 26, 2014

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Yugoslav Republic of Macedonia: Second Post-Program Monitoring Discussions, (USA: International Monetary Fund, 2014) accessed November 24, 2024

Summary

This paper reviews the key points of Second Post-Program Monitoring Discussions with the Former Yugoslav Republic of Macedonia (FYR Macedonia). Growth in FYR Macedonia continues to strengthen, although the recovery is not yet broad-based. External and fiscal vulnerabilities have risen: private non-debt-creating capital flows have slowed and could leave the reserve path increasingly driven by an accumulation of external public debt. Central government debt has increased by about 15 percentage points since the beginning of the global financial crisis, in the context of growing broader public sector operations. In the absence of domestic spillovers, the structural improvement in the trade deficit will be gradual, and growth could be uneven.

Subject: Balance of payments, Credit, Debt service, External debt, Foreign direct investment, Money, Public debt

Keywords: Alternatives to drawing, Baseline debt dynamics, Central government debt, CR, Credit, Debt service, Europe, FDI project, Foreign direct investment, Fund advice, Global, Government, I. debt sustainability analysis, IMF staff, ISCR, Liquidity line arrangement, Macedonia, Macedonian authorities, NBRM authorities, Policy credibility

Publication Details

Pages:

48
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/062
Stock No:

1MKDEA2014001
ISBN:

9781475570809
ISSN:

1934-7685

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