EC disburses 50 mln euro in macro-financial assistance to N. Macedonia

The funds were provided after the Commission found that North Macedonia had fulfilled the relevant policy commitments agreed with the EU for the release of the first tranche of the MFA package, the Commission said in a press release.

North Macedonia advanced its public finance by setting up an independent Fiscal Council and improved public investment management, while also broadening the tax base. Additionally, efforts were made to formalise the informal economy, enhance energy efficiency, and strengthen the judiciary through a new Strategy on Judicial Reform, the Commission said.

"The assistance provides further support to North Macedonia, whose economy has been severely hit by the recent energy crisis, which was triggered by Russia's full-scale invasion of Ukraine," the EC added.

The funds will also support macro-economic stability, facilitate additional reforms and aid the country's progression toward European integration, the press release read.

The second tranche of the MFA, valued at 50 million euro, is contingent upon the fulfillment of agreed policy conditions.

($ = 0.928 euro)