The amount of 50 million euros was granted by the European Commission this week to North Macedonia. This is the first installment of the current act of financial assistance to the country, according to a Commission announcement.
The aid provides further support to North Macedonia, whose economy has been hit hard by the recent energy crisis triggered by Russia’s full-scale invasion of Ukraine.
It will support macroeconomic stability and ensure further reforms, in conjunction with the current International Monetary Fund (IMF) program for North Macedonia. It will also help North Macedonia move forward on its European path.
Fulfillment of obligations
The release of this support takes place after the Commission found that North Macedonia had fulfilled the relevant policy commitments agreed with the EU for the release of the first tranche. North Macedonia made progress in the area of public finances by establishing an independent Fiscal Council and strengthening public investment management.
To boost public revenues, North Macedonia adopted tax policy measures that widen the tax base. The government also made further progress in formalizing the shadow economy and took steps to improve energy efficiency. Finally, the government strengthened the judicial system with a new strategy for judicial reform.
The total current operation of macro-economic financial assistance to North Macedonia amounts to loans of up to 100 million euros. After the disbursement of this first tranche of €50 million, a second tranche of the same amount remains available, depending on the progress of the agreed policy terms.
Source OT
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