General Affairs Counci approves decision on macrofinancial assistance for N. Macedonia

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The General Affairs Council (GAC) approved Monday the decision on providing macrofinancial assistance for North Macedonia in the amount of EUR 100 million for management of the effects caused by the Russian aggression on Ukraine.
The decision requires approval from the Council and will enter into force once signed by the presidents of the European Parliament and Council and published in the Official Journal of the EU.
The draft-decision, which was adopted by the European Commission on February 6, followed by the European Parliament on June 13 and the Committee of Permanent Representatives (COREPER) last week ensures EUR 100 million in macro-financial assistance to support the country’s economic stabilization and substantive reform agenda.

The decision of the European Commission indicates that the economy of the country, which started the EU accession negotiations on July 19, 2022, was significantly affected by the recession in 2020 as a result of the COVID pandemic, as well as by the energy crisis caused by the Russian aggression on Ukraine, which contributed to an increase in fiscal needs.

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