{
  "title": "Yugoslav Republic of Macedonia: Second Post-Program Monitoring Discussions",
  "publication": "IMF Staff Country Reports, February 26, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/yugoslav-republic-of-macedonia-second-post-program-monitoring-discussions-41386",
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  "summary": "This paper reviews the key points of Second Post-Program Monitoring Discussions with the Former Yugoslav Republic of Macedonia (FYR Macedonia). Growth in FYR Macedonia continues to strengthen, although the recovery is not yet broad-based.",
  "publishDate": "2014-02-26",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Summary",
      "content": "- Reviews the key points of Second Post-Program Monitoring Discussions with the Former Yugoslav Republic of Macedonia (FYR Macedonia).\n- Growth in FYR Macedonia continues to strengthen, although the recovery is not yet broad-based.\n- External and fiscal vulnerabilities have risen."
    },
    {
      "heading": "Key findings",
      "content": "- Private non-debt-creating capital flows have slowed and could leave the reserve path increasingly driven by an accumulation of external public debt.\n- Central government debt has increased by about 15 percentage points since the beginning of the global financial crisis, in the context of growing broader public sector operations.\n- In the absence of domestic spillovers, the structural improvement in the trade deficit will be gradual, and growth could be uneven."
    },
    {
      "heading": "Vulnerabilities and external risks",
      "content": "- Slowing private non-debt-creating capital flows increase reliance on external public debt accumulation to support reserves.\n- Structural trade deficit improvement expected to be gradual without domestic policy spillovers.\n- Growth remains uneven and not yet broad-based, implying potential downside risks to the recovery."
    },
    {
      "heading": "Policy implications and considerations",
      "content": "- Monitor composition of capital flows closely to assess reserve path sustainability.\n- Address rising fiscal vulnerabilities associated with increased central government debt and broader public sector operations.\n- Strengthen domestic spillovers and structural measures to support a broader-based and more balanced recovery.\n\nInternational Monetary Fund. Yugoslav Republic of Macedonia: Second Post-Program Monitoring Discussions\n\n---\n\n Content in this bundle\n\n- cr1462\n  - cr1462 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr1462 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/yugoslav-republic-of-macedonia-second-post-program-monitoring-discussions-41386"
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    "Published: February 26, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781475570809.002",
    "Reviews the key points of Second Post-Program Monitoring Discussions with the Former Yugoslav Republic of Macedonia (FYR Macedonia).",
    "Growth in FYR Macedonia continues to strengthen, although the recovery is not yet broad-based.",
    "External and fiscal vulnerabilities have risen.",
    "Private non-debt-creating capital flows have slowed and could leave the reserve path increasingly driven by an accumulation of external public debt.",
    "Central government debt has increased by about 15 percentage points since the beginning of the global financial crisis, in the context of growing broader public sector operations.",
    "In the absence of domestic spillovers, the structural improvement in the trade deficit will be gradual, and growth could be uneven.",
    "Slowing private non-debt-creating capital flows increase reliance on external public debt accumulation to support reserves.",
    "Structural trade deficit improvement expected to be gradual without domestic policy spillovers.",
    "Growth remains uneven and not yet broad-based, implying potential downside risks to the recovery.",
    "Monitor composition of capital flows closely to assess reserve path sustainability.",
    "Address rising fiscal vulnerabilities associated with increased central government debt and broader public sector operations.",
    "Strengthen domestic spillovers and structural measures to support a broader-based and more balanced recovery.",
    "**_cr1462**"
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