Friday, January 26, 2007

Macedonia arranged buyout of debt to Paris Club

Macedonia reached an agreement with representatives of Paris Club of creditors for buying out the debt of 104 million dollars, at a nominal value.

As announced by the Ministry of Finance, this was agreed on Wednesday in Paris by the Macedonian delegation led by Minister Trajko Slaveski and representatives of governments of Austria, Denmark, France, Germany, Italy, Japan, Kuwait, Netherlands, Spain, Sweden, United Kingdom and the United States.

The agreement was reached upon a proposal of Minister Slaveski, accepted by the Paris Club.

The buyout will be realized in the period between 31.01.2007 and 30.04.2007, when Macedonia would sign bilateral agreements with the 13 countries - members.

"The operation of premature buyout of Macedonia's inherited debt towards the Paris Club contributes towards improving the credit rating of the country and Budget savings in 2007 of around 2,7 million Euros, due to reduced interests", is said in the communication.

Minister Slaveski, during his visit to Paris, also met the Governor of the Development Bank of Council of Europe (CEB) Rafael Alomar, where the realization of CEB-financed projects was discussed.

The two collocutors reached general agreement for future financing of two projects - one from the area of education (building sport halls in schools), and the second one for improving the conditions in penitentiary institutions in the Republic of Macedonia.

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