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.


Yesterday, Ministry of Finance successfully issued the Eurobond on the international capital market in the amount of EUR 175 million. Maturity period of the Eurobond is 3.5 years, i.e. January 2013. Coupon interest rate offered was 9.875%. This is the second Eurobond the Republic of Macedonia issues.


Services rendered by the municipalities in Macedonia that moved to the second stage of decentralization will be improved through projects to be financed with World Bank loan in the amount of EUR 18.9 million. Loan Agreement for the Municipal Services Improvement Project was signed today by the Minister of Finance of the Republic of Macedonia, Mr. Trajko Slaveski, and World Bank Resident Representative, Marcus Repnik.


Funds from the European Investment Bank intended for small- and medium-sized enterprises as response to the crisis are already available to the enterprises. Loan Agreement and Guarantee Agreement were signed today by the Minister of Finance, Trajko Slaveski, EIB representative, Dominique Courbin and Deputy Director of the Macedonian Bank for Development Promotion, Kenan Idrizi.


There was large interest shown in treasury bills offered by the Ministry of Finance on today’s auction. Three-month treasury bills, with and without foreign exchange clause, were offered, as well as 12-month treasury bills with foreign exchange clause.


Today, Ministry of Finance introduced new financial instrument on the government securities market, government securities with foreign exchange clause.


Delegation from the Ministry of Finance, headed by Minister Trajko Slaveski, will take part in EBRD Annual Meeting on 15 and 16 May 2009 to be held in London.


Delegation from the Ministry of Finance, headed by Minister Trajko Slaveski Ph.D., will take part in EBRD Annual Meeting to be held on 15 and 16 May 2009 in London.


During the Meeting, Minister Slaveski, as Governor of the Republic of Macedonia in EBRD, will participate in the work of the Board of Governors session, addressing the audience on behalf of the Republic of Macedonia.