This chapter was prepared by Kamil Dybczak, Carlos Mulas Granados, and Ezgi Ozturk with inputs from Vizhdan Boranova, Karim Foda, Keiko Honjo, Raju Huidrom, Nemanja Jovanovic and Svitlana Maslova, under the supervision of Jörg Decressin and the guidance of Gabriel Di Bella. Jaewoo Lee and Petia Topalova provided useful advice and comments. Nomelie Veluz provided administrative support. This chapter reflects data and developments as of September 28, 2020.
Bertrand Gruss (co-lead), Carlos Mulas-Granados, Manasa Pat-nam (co-lead), and Sebastian Weber prepared this chapter under the supervision of Enrica Detragiache and the guidance of Jeffrey Franks. Zan Jin provided excellent research support.
Christian Ebeke (co-lead), Nemanja Jovanovic, Svitlana Maslova, Francisco Parodi, Laura Valderrama (co-lead), Svetlana Vtyurina, and Jing Zhou prepared this chapter under the supervision of Mahmood Pradhan and the guidance of Laura Papi and Petia Topalova. Jörg Decressin provided useful advice and comments. Jankeesh Sandhu provided outstanding research assistance, and Nomelie Veluz was expertly in charge of administrative support.
Let me welcome all of you to the Czech Republic and to Prague. My welcome extends to the official participants in the Annual Meeting of the International Monetary Fund and the World Bank Group, to all business people, bankers, economists, political scientists, environmentalists, thinkers, journalists, and, indeed, to all people of good will who have come here because this is an occasion to discuss and possibly also to help determine our common future. This country and its capital city are greatly honored to be the venue of this major assembly, which brings together thousands of people from all countries and continents—including persons wielding a far-reaching influence—in the very year that the commonly used chronology views as a turn of ages. For us it means an honor, a joy, as well as a great challenge, and a major commitment. I trust that Prague—hosting such a gathering of a truly global significance for the first time in more than a thousand years of its history—will offer a good environment for the deliberations and will be reflected favorably both in the memory of its participants and in the history of global cooperation. Surely this city possesses certain historical prerequisites. Over the course of centuries—among other things because of its geographical position in the center of Europe—it has witnessed not only confrontations and conflicts but also creative encounters, mutual respect, reciprocal influence, and cooperation among various cultures; various peoples and ethnic groups; and various spiritual currents and social movements. This pluralism has helped to shape its visage. It would be good if, after decades of oppression, of life without freedom, of bent backs, and of imposed isolation, we succeeded in rediscovering this ancient tradition and offered this city as a congenial setting for the world’s open debate about itself.
Meetings of the Joint Development Committee were held jointly with the Board of Governors of the Bank. The sessions of the Annual Meetings were held jointly with the Boards of Governors of the World Bank Group.
This Selected Issues Paper assesses Macedonia’s public debt markets and presents recommendations for their further development. Macedonia’s domestic debt market is in the early stages of development and is small by regional standards. The paper also analyzes the main causes of euroization in Macedonia. It discusses the nature of monetary policy in Macedonia where despite an exchange rate peg owing to imperfect capital mobility, there exists some degree of autonomy in the conduct of monetary policy in the short term.
In this study, economic recovery and growth of Macedonia are discussed. In the financial sector, nonperforming loans (NPLs) rose, and bank profitability declined as a result of the crisis. Executive Directors agreed with the thrust of the staff appraisal. Directors were encouraged by the overall healthy condition of the financial system. The need to accelerate structural reforms and strengthen public infrastructure to raise productivity and help reduce high unemployment is encouraged. Macedonia met the Precautionary Credit Line (PCL) qualification requirements.
This 2009 Article IV Consultation highlights that the Former Yugoslav Republic of Macedonia’s vulnerability at the outset of the global crisis was its large current account deficit in the context of the exchange rate peg to the euro. At the same time, it benefited from a small fiscal deficit, modest public debt, and significant international reserve buffers. Executive Directors have praised the Macedonian authorities for the conduct of macroeconomic policies, which contributed to a modest downturn in Macedonia’s economy relative to other countries in the region.