Tuesday, June 12, 2007

Macedonia makes early repayment of 21% of debt to WB

Macedonia has repaid five loans withdrawn from the World Bank, totaling 96.1 million euros, which amounts to 21 percent of the overall debt owned to WB, Macedonian Finance Ministry announced.

The latest repayment reduced the overall public debt related to GDP from 30 to 28 percent, while the remaining debt owned to WB now totals 454 million euros.

This move will save to the State Budget as much as 32.7 million euros until 2021, i.e. 2.7. million euros for 2007 alone, on the basis of interest rates.

Some time ago, Macedonia cleared fully the debt owned to the International Monetary Fund. This step was welcomed by the IMF and the domestic experts alike, while both sides agreed to further their cooperation as the recommendations and measures proposed by the Fund are very valuable to the country.

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