Diario Oficial de la Unión Europea del 17/7/2023 - Sección Legislación
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Source: Diario Oficial de la Unión Europea - Sección Legislación
L 180/2
EN
Official Journal of the European Union
17.7.2023
5
In April 2022, the government of North Macedonia and the International Monetary Fund IMF reached a staff-level agreement on a 24-month precautionary and liquidity line for up to EUR 530 000 000, which was officially approved by the IMF Executive Board on 22 November 2022. The IMF programme aims to mitigate the worsening external situation, support fiscal consolidation and accelerate structural reforms in a number of areas, including tax policy and public investment.
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In view of the worsening economic situation and outlook, North Macedonia first requested macro-financial assistance from the Union to complement the IMF programme, in April 2022. However, the Commission put that request on hold because the countrys economy was still proving quite resilient at that time and there were some other financing options available to meet the 2022 external financing needs. The government of North Macedonia renewed its request for macro-financial assistance in October 2022.
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Given that North Macedonia is a candidate country and has begun accession negotiations, it is considered eligible to receive macro-financial assistance from the Union.
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The Unions macro-financial assistance to North Macedonia should be an exceptional financial instrument of untied and undesignated balance-of-payments support which aims to address North Macedonias immediate external financing needs, and it should underpin the implementation of a policy programme containing strong immediate adjustment and structural reform measures designed to improve North Macedonias balance-of-payments position in the short term.
9
Given that there are still significant residual external financing needs in North Macedonias balance of payments, beyond the needs met by the resources provided by the IMF, the Unions macro-financial assistance to North Macedonia is, in the current exceptional circumstances, considered to be an appropriate response to the countrys request for support in stabilising its economy, in conjunction with the IMF programme. The Unions macrofinancial assistance would support the economic stabilisation and the structural reform agenda of North Macedonia, supplementing resources made available under the IMFs financial arrangement.
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The Unions macro-financial assistance should aim to support the restoration of a sustainable external financing situation for North Macedonia, thereby supporting its economic and social development.
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The Unions macro-financial assistance is expected to go hand-in-hand with the implementation of budget support operations under the Instrument for Pre-Accession Assistance pursuant to Regulation EU 2021/1529 of the European Parliament and of the Council 4.
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The determination of the amount of the Unions macro-financial assistance to North Macedonia should be based on a quantitative assessment of the residual external financing needs of North Macedonia and takes into account the countrys capacity to finance itself with its own resources, in particular the international reserves at its disposal. The Unions macro-financial assistance to North Macedonia should complement the programmes and resources provided by the IMF and the World Bank. The determination of the amount of the assistance should also take into account expected financial contributions from multilateral donors and the need to ensure fair burden sharing between the Union and other donors, as well as the pre-existing deployment of the Unions other external financing instruments in North Macedonia and the added value of the Unions overall involvement in North Macedonia.
13
The Commission should ensure that the Unions macro-financial assistance to North Macedonia is legally and substantially in accordance with the key principles and objectives of the different areas of external action, with the measures taken in respect of those areas, and with other relevant Union policies.
4 Regulation EU 2021/1529 of the European Parliament and of the Council of 15 September 2021 establishing the Instrument for PreAccession assistance IPA III OJ L 330, 20.9.2021, p. 1.
