IMF reaffirms Macedonias qualification to access PCL resources.

By bne IntelliNews September 5, 2011
The IMF announced that its Executive Board has completed the first review of Macedonia's performance under the Precautionary Credit Line (PCL) arrangement and reaffirmed the country's qualification to access PCL resources. As recalled, the PCL was approved on January 19 in the amount equivalent to SDR 413.4mn (about EUR 463.3mn, 600% of quota). The access under the PCL in the first year is equivalent to SDR 344.5mn, increasing in the second year to cumulatively SDR 413.4mn. In March, the local authorities drew SDR 197mn (EUR 220.8mn). Nemat Shafik, IMF Deputy Managing Director and Executive Board Acting Chair, noted that the country's sound economic policies continue to be consistent with the program supported by the Precautionary Credit Line (PCL) arrangement. She pointed out that, "Growth has picked up, underlying inflation remains low, international reserves have been broadly stable, and the 2011 fiscal deficit target under the program is within reach." However, Shafik also observed that the country continues to be exposed to unusually high levels of risk related to global growth and financial conditions as well as regional developments.

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