Macedonia FinMin says budget in good condition.

By bne IntelliNews November 25, 2010
Deputy PM and finance minister Zoran Stavreski was quoted by Sitel TV station as saying the budget is in a good condition, the payments are being made on time, and the T-Bills auctions held on Nov 23 were for the ministry's operating needs. The ministry raised MKD 1.295bn (EUR 21.1mn) at two auctions for selling three- and six-month T-Bill. The auctions were not included in the Q4 calendar and that gave rise to doubts about the budget execution. However, the minister pointed out that according to the legislation the finance ministry can schedule auctions at any time. Stavreski also commented the potential issuance of Eurobond to finance next year's budget deficit. The minister said that such an issue is possible and if the market conditions allow it, they will do it. Stavreski notes that using the offered open credit line by the IMF is insurance, and if the cabinet decides to go for this option, it will be in order to secure that the budget will be executed regardless of the conditions on the capital markets.

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