North Macedonia best in the region in terms of implementing recommendations of the European Commission under the Economic and Financial Dialogue

19 May 2020, Skopje -This year, the Republic of North Macedonia is the best in the region in terms of implementing the recommendations of the European Commission under the Economic and Financial Dialogue for the period May 2019-January 2020, referring to reform measures related to boosting the country's competitiveness and the job creation. Moreover, the European Commission positively assessed our policies for dealing with the coronavirus crisis. Today, the regular annual Economic and Financial Dialogue between the European Union and the Western Balkans and Turkey, which was held online, was attended by the Minister of Finance Nina Angelovska and the Governor of the National Bank Anita Angelovska-Bezoska.

During the last three years, the Republic of North Macedonia was among the first countries in the region in implementing the economic measures in accordance with the recommendations given by the European Commission under the Economic and Financial Dialogues.

Minister of Finance Angelovska, who coordinates the process of preparation of the economic measures under the Program, pointed out that relatively good progress was recorded with respect to the undertaken measures. Some of them have already been implemented, while the positive effects from certain measures are expected on the long run Solid realization was noticed with respect to the social protection reforms, as well as the Youth Guarantee measure. Efforts are also being made to tackle the most burning issue, the grey economy, for which the Ministry of Finance has prepared an action plan.

The discussions at the Economic and Financial Dialogue referred to the manner of coping with the Covid-19 crisis and the exchange of experience on the short-term measures aimed at dealing with the consequences, as well as the medium-term measures focused on the recovery therefrom. Minister of Finance pointed out that the country has adopted three sets of measures so far- two sets aimed at overcoming the crisis focused on tax exemptions, financial support for preserving the jobs, liquidity injections and regulatory measures and the third one aimed at supporting the consumption and the business sector through a series of measures.

The National Bank is directly involved in the implementation of some of last year's recommendations of the Economic Reform Program, which are mostly focused on further strengthening of the financial stability. Governor Angelovska Bezhoska pointed that the EU institutions assessment of the implementation of these recommendations points to a substantial level of implementation and is one of the two highest among the six groups of recommendations thus directly contributing to the overall score for our country.

She pointed out that the recommendations within the EU dialogue play a significant role in strengthening the economic fundamentals, therefore the National Bank will continue to work diligently on implementing the Economic Reform Program recommendations for the upcoming period, which enable faster alignment to European standards.