## Former Yugoslav Republic of Macedonia: Selected Issues

_IMF Staff Country Reports, February 4, 2011_

## Source details

**Canonical URL:** [Former Yugoslav Republic of Macedonia: Selected Issues](https://www.imf.org/en/publications/cr/issues/2016/12/31/former-yugoslav-republic-of-macedonia-selected-issues-24611)

## Other formats

- [Markdown version](/en/publications/cr/issues/2016/12/31/former-yugoslav-republic-of-macedonia-selected-issues-24611/index.md)
- [Structured JSON version](/en/publications/cr/issues/2016/12/31/former-yugoslav-republic-of-macedonia-selected-issues-24611/index.json)
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## Bibliographic details
- Published: February 4, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781455216673.002

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### Research questions and scope
- Asks whether reliance on Eurobond financing over the medium term is consistent with sound debt management policy.
- Asks whether Macedonia can reasonably expect Eurobond borrowing costs to fall in the future.
- Paper length: 25 pages.
- Timeframe highlighted for financing plans: 2011–12.

### Main findings
- Eurobond financing appears justified in the near term.
- Over a longer horizon, the country should seek to develop domestic debt markets as a complementary funding source.
- For 2011–12, the government plans to fully finance its fiscal deficits through Eurobond issues.

### Policy implications and recommendations
- Use Eurobond issuance to meet near-term financing needs while monitoring borrowing costs and market conditions.
- Develop domestic debt markets as a complementary and longer-term funding source to reduce reliance on external Eurobond financing.
- Integrate debt management strategy with broader public financial management to manage risks associated with concentrated external debt issuance.

### Thematic coverage and keywords (as listed)
- Commodities, Electricity, External debt, Financial markets, Government debt management, Public debt, Public financial management (PFM), Securities markets.
- Keywords: C. Eurobond-financing trade-off, CR, Electricity, Eurobond, Eurobond borrowing costs, Eurobond financing, Eurobond issue, Eurobond stock, Europe, financing, Global, Government debt management, import price differential, ISCR, Securities markets, subsidy, yield.

*International Monetary Fund. "Former Yugoslav Republic of Macedonia: Selected Issues", IMF Staff Country Reports 2011, 033 (2011).*

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## Content in this bundle

- **Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 11/33; January 4, 2011**
  - [Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 11/33; January 4, 2011 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr1133.pdf.md){rel="alternate" type="text/markdown"}
  - [Former Yugoslav Republic of Macedonia: Selected Issues; IMF Country Report 11/33; January 4, 2011 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2011/_cr1133.pdf){rel="external" type="application/pdf"}

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/former-yugoslav-republic-of-macedonia-selected-issues-24611_