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Oct 10, 2022 17:56 EEST
October 10 (SeeNews) - The International Monetary Fund (IMF) and North Macedonia reached a staff-level agreement on a 24-month 530 million euro ($514 million) arrangement under the Precautionary and Liquidity Line (PLL), the finance ministry said on Monday.
The very purpose of the instrument is to provide liquidity support to healthy economies in times of shocks and crises, such as the current global scenario, the ministry said in a press release.
After the final approval of this instrument by the IMF board, which is expected later this month, 110 million euro will be immediately available to North Macedonia to finance budgetary needs and to more easily face the shocks brought by the energy and price crisis, the ministry added.
The National Bank of the Republic of North Macedonia (NBRNM) needs to continue its monetary policy tightening and stand ready to act as needed to address any large and persistent inflation differential with the euro area or significant pressures on international reserves, the IMF said in separate statement following a visit by an IMF team led by Ms Bergljot Barkbu which conducted meetings with the authorities of North Macedonia to discuss policies under the PLL.
IMF staff expect inflation in North Macedonia to remain in line with euro area inflation in the medium term, the IMF said in its statement.
Fiscal policy under the PLL arrangement will support economic growth, protect those most affected by the cost-of-living crisis, and safeguard public finance, the IMF added.
The PLL provides financing to meet actual or potential balance of payments needs of countries with sound policies and that may have some remaining vulnerabilities. It is intended to serve as a backstop or help resolve crises under wide-ranging situations, according to the IMF.
($ = 1.03064 euro)
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