IMF Staff Country Reports

Former Yugoslav Republic of Macedonia : First Review Under the Stand-By Arrangement, Requests for Waiver of Performance Criteria, and Extension of Repurchase Expectations

Author/Editor:

International Monetary Fund

Publication Date:

May 16, 2006

Electronic Access:

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Summary:

This paper discusses key findings of the First Review Under the Stand-By Arrangement for Macedonia. Macroeconomic performance of Macedonia remains strong. Through end-December 2005, the authorities met all of the program’s quantitative performance criteria. Growth has remained steady at about 4 percent. Gross reserves have risen above €1 billion, allowing interest rates on National Bank of Macedonia bills to fall since November from 10 percent to 7 percent. To complete the First Review, the authorities have committed to strong policies, including measures to correct for delays in the program’s structural reforms.

Series:

Country Report No. 06/188

Subject:

Announcements Balance of payments Banking Economic indicators Employment External sector Financial sector Fiscal policy Fiscal reforms Gross domestic product Health care Letters of Intent Monetary policy Performance criteria waivers Privatization Repurchase obligations Staff appraisals Staff Reports Stand-by arrangement reviews