{
  "title": "Republic of North Macedonia: Request for Purchase Under the Rapid Financing Instrument-Press Release; Staff Report; and Statement by the Executive Director for the Republic of North Macedonia",
  "publication": "IMF Staff Country Reports, April 21, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/04/16/republic-of-north-macedonia-request-for-purchase-under-the-rapid-financing-instrument-press-49340",
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  "summary": "This paper highlights the Republic of North Macedonia’s Request for Purchase Under the Rapid Financing Instrument (RFI). North Macedonia’s economic outlook has deteriorated substantially due to the coronavirus disease 2019 (COVID-19) pandemic.",
  "sections": [
    {
      "heading": "Economic outlook and shock assessment",
      "content": "- North Macedonia’s economic outlook has deteriorated substantially due to the coronavirus disease 2019 (COVID-19) pandemic.\n- Real GDP is expected to decline by 4 percent in 2020 due to a fall in both domestic and external demand.\n- Negative shocks to confidence and spill-overs from global financial channels have contributed to an urgent balance of payments need."
    },
    {
      "heading": "Balance of payments need and IMF instrument",
      "content": "- The paper highlights the Republic of North Macedonia’s Request for Purchase Under the Rapid Financing Instrument (RFI).\n- The economic deterioration and external shocks have created an urgent balance of payments need that motivated the RFI request."
    },
    {
      "heading": "Fiscal and social policy response by authorities",
      "content": "- Authorities quickly responded with targeted and temporary fiscal policy support to limit the social and economic impact of the health emergency.\n- Policy measures aimed to:\n  - Protect the liquidity of companies.\n  - Preserve jobs.\n  - Provide social care for the jobless and vulnerable households."
    },
    {
      "heading": "Policy commitments and medium-term priorities",
      "content": "- The authorities have expressed strong commitment, once the COVID-19 crisis is over, to:\n  - Rebuilding fiscal buffers.\n  - Implementing the structural reform agenda to help preserve debt sustainability.\n  - Speeding up income convergence to European Union countries."
    },
    {
      "heading": "Subject coverage and keywords",
      "content": "- Subject: Banking, COVID-19, Currencies, External debt, Financial institutions, Health, Loans, Money, Public debt\n- Keywords: balance of payments need., COVID-19, CR, Currencies, disbursement of SDR, financing, fiscal policy support, Global, ISCR, Loans, national bank of the Republic, policy advice, urgent balance of payments\n\n---\n\n Content in this bundle\n\n- 1mkdea2020003\n  - 1mkdea2020003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1mkdea2020003 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 21, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513541037.002",
    "North Macedonia’s economic outlook has deteriorated substantially due to the coronavirus disease 2019 (COVID-19) pandemic.",
    "Real GDP is expected to decline by 4 percent in 2020 due to a fall in both domestic and external demand.",
    "Negative shocks to confidence and spill-overs from global financial channels have contributed to an urgent balance of payments need.",
    "The paper highlights the Republic of North Macedonia’s Request for Purchase Under the Rapid Financing Instrument (RFI).",
    "The economic deterioration and external shocks have created an urgent balance of payments need that motivated the RFI request.",
    "Authorities quickly responded with targeted and temporary fiscal policy support to limit the social and economic impact of the health emergency.",
    "Policy measures aimed to:",
    "The authorities have expressed strong commitment, once the COVID-19 crisis is over, to:",
    "Subject: Banking, COVID-19, Currencies, External debt, Financial institutions, Health, Loans, Money, Public debt",
    "Keywords: balance of payments need., COVID-19, CR, Currencies, disbursement of SDR, financing, fiscal policy support, Global, ISCR, Loans, national bank of the Republic, policy advice, urgent balance of payments",
    "**1mkdea2020003**"
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