Former Yugoslav Republic of Macedonia: Request for Stand-By Arrangement and Extension of Repurchase Expectations

Volume/Issue: Volume 2005 Issue 339

Publication date: September 2005

ISBN: 9781451952889

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Business and Economics , Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , foreign currency rating , foreign currency , Macedonia , rating , staff appraisal , sovereign credit ratings , Macedonian authorities , balance sheet risk , Credit , Global

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Summary

This paper discusses the Former Yugoslav Republic of Macedonia’s (FYR Macedonia) Request for a Stand-By Arrangement and Extension of Repurchase Expectations. The authorities have asked the IMF to support an ambitious program that includes structural reforms that address the root causes of FYR Macedonia’s weak performance. On the macroeconomic front, the near-term aims of the program are to strengthen the exchange rate peg by increasing foreign exchange reserves and to manage the transition from official budget financing to market-based financing. The program also aims to secure medium-term fiscal sustainability.