November 23 (SeeNews) - North Macedonia received access to the first tranche of 110 million euro ($113.5 million), out of a total of 530 million euro in funding by the International Monetary Fund (IMF) under the Precautionary and Liquidity Line (PLL), the government in Skopje said on Wednesday.
The funds became available after the IMF board approved the disbursement, the government said in a press release.
Under the funding arrangement, the first tranche of 110 million euro will be used to support North Macedonia's budget by the end of this year. The second tranche, of 155 million euro, is expected to be disbursed next year. The remainder will serve as a precautionary instrument and a reserve for the country, according to the press release.
In October, the IMF and North Macedonia reached a staff-level agreement on a 24-month 530 million euro arrangement under the PLL. The PLL provides financing to meet actual or potential balance of payments needs of countries with sound policies and that may have some remaining vulnerabilities. It is intended to serve as a backstop or help resolve crises under wide-ranging situations, the IMF said.
($ = 0.9689 euro)