N. Macedonian Economy To Exceed Last Year's 3.2% Growth As Reforms Take Hold - IMF

Muhammad Irfan Published January 27, 2020 | 11:03 PM

Reforms by implemented by the government of N. Macedonia have helped produce growth of 3.2 percent last year with the nation's economic expansion expected to accelerate in 2020, the International Monetary Fund (IMF) said in a report on Monday following staff consultations with government officials

WASHINGTON (UrduPoint News / Sputnik - 27th January, 2020) Reforms by implemented by the government of N. Macedonia have helped produce growth of 3.2 percent last year with the nation's economic expansion expected to accelerate in 2020, the International Monetary Fund (IMF) said in a report on Monday following staff consultations with government officials.

"Over the recent years, the authorities have reviewed the reform momentum, with crucial institutional and governance reforms [that] have gained substantial policy credibility and the economy has rebounded," the report said. "Growth is expected to accelerate in 2020."

Against the background of low inflation, solid deposit growth and favorable foreign exchange market developments, Macedonia's National Bank has continued to accumulate international reserves and further cut its policy rate in January 2020, keeping monetary policy accommodative, the report said.

The IMF recommended swift implementation of approved reforms to pensions and personal income tax, as well as enhanced revenue administration and rationalization of agricultural subsidies.

"Staying on the path of reform is essential to further bolster the economy's resilience to shocks and durably raise income levels," the report said.

The IMF report comes amid growing criticism that the government of Macedonia - widely acknowledged to have been brought to power by the United States to forcefully change the country's name and identity for the purposes of NATO membership - has shown little if any economic results.

Last week, Transparency International reported that under the current government of the Socialdemocratic Union (SDSM) and the Albanian Democratic Union of Integration (DUI) - formerly an offshoot of the Albanian terrorist organization National Liberation Army - Macedonia fell 13 places on the corruption index list and now holds the 106th place in the world.