Poor families with children in secondary education, who are beneficiaries of social assistance, will receive Denar 12,000 annually for the education of their children.


Expenditure cuts between Denar 4 billion to Denar 4.5 billion and projections on growth of gross domestic product in 2009 of – 0.6% are envisaged in the draft Supplementary Budget, to be discussed at Government session on 1st September.


Collection of budget revenues in July showed positive signals of recovery and budget balance realized surplus for the first time in the last couple of months. Revenues were lower by only 4 percent in relation to the projections in the 2009 Supplementary Budget. The Government expects for such developments to continue in August as well.


One and a half billion denar worth treasury bills with foreign exchange clause were offered on today's T-bills auction. The whole amount was sold with an interest of 5,5 percent and maturity of 182 days.


One and a half billion denars worth treasury bills with foreign exchange clause were offered on the government securities auction today, with an interest of 5.5 percent and maturity period of 182 days, whereby the whole offered amount was realized.


Macedonia gets the green light from the European Commission (EC) to independently manage IPA funds for Component 3 on Regional Development. It is an amount of EUR 40.5 million for the period 2007-2009, while the Government will co-finance the project implementation with EUR 38 million in the period up to 2012. Total amount of funds allocated for this program is EUR 78.5 million.


The Government will cut expenditures after all. Preparatory activities for the Supplementary Budget are being intensified. Final projections of the revenues and the expenditures will be submitted to the Government by the end of August


Supplementary Budgets are very common. There will be need for Supplementary Budget in the course of the third quarter this year, however, such need is not urgent. My estimates are that there is not need for such large expenditure cuts.


There will be no devaluation in September either.

If we estimate that there is a need for a formal arrangement with the IMF so as to maintain macroeconomic stability, we will not have second thoughts. So, we leave all doors open and we believe it is a reasonable approach in conditions of global economic crisis.


There will be Supplementary Budget, but not now.

There will be Supplementary Budget by the end of the summer, however there are no precise numbers on expenditure cuts yet, new Minister of Finance Zoran Stavreski said.