Macedonia and IMF commence negotiations on new financial arrangement

Macedonian Information Agency (Nov 21, 2002, 6:49:50 AM (GMT+01:00)) (MIA)  SKOPJE, Macedonia - The Macedonian Government and the International Monetary Fund (IMF) Mission started Monday the official negotiations on the arrangement, which is intended for restructuring of the loss-making companies in which the government is dominant owner, Finance Minister Petar Gosev said.

After the meeting with IMF Head to Macedonia Franek Rozwadowski, Gosev said that the privatization process should be reviewed regardless of the decision on structural reforms.

IMF Mission will analyze the situation and together with the Government will define the financial policy.

"The mission aims to review the budget's execution, the realization of monetary policy and implementation of structural reforms in order to determine the future activities," Gosev said.

Rozwadowski said that this visit was focused on the new stand-by arrangement.

"The details about the arrangement are yet to be discussed," Rozwadowski said.

Today, Rozwadovski also had a meeting with Macedonian President Boris Trajkovski, focused on the negotiations for an arrangement with the International Monetary Fund.

Expressing his gratitude to the IMF Mission, which came to negotiate with the new Government just two weeks after its establishment, Trajkovski emphasized that an arrangement was necessary for Macedonia as soon as possible.

If an arrangement is to be signed, part of the funds, pledged at the Donors' Conference for Macedonia in April 2002 are to be allocated.

The IMF representative greeted the signing of the agreement for Macedonia's accession in the World Trade Organization, emphasizing that Macedonia should continue with the implementation of the structural reforms and preservation of the macroeconomic stability.

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