Macedonia’s economy continues to recover from last year’s European energy crisis. After strong economic growth in the first half of 2023, IMF staff project the economy to expand by 2.3 percent this year and by 3 percent next year, reads the statement issued following the International Monetary Fund (IMF) mission visit to Skopje during October 31–November 13, 2023.
IMF staff and the authorities have reached staff-level agreement on the First Review under the Fund’s Precautionary and Liquidity Line, subject to approval by the IMF Executive Board.
“Upon approval, North Macedonia will have access to around €200 million at current exchange rates. The authorities intend to draw some three quarters of this and treat the rest as precautionary. The agreement supports the authorities’ intentions to continue reducing budget deficits, rebuild fiscal buffers, fight inflation, and safeguard financial stability. Beyond macro-financial stability, improving living standards will require boosting investment, raising productivity growth, and accelerating the green transition,” the IMF said.
