Dimitrieska-Koçoska: Fiscal responsibility and reforms are key to sustainable economic growth in an uncertain global climate

Discipline in public finances, more efficient management of government spending and the swift implementation of structural reforms have been identified as the main pillars for preserving economic stability and creating conditions for sustainable development, despite the high level of global uncertainty.

The global economy is still showing the ability to withstand shocks, but their recurrence has weakened fiscal and energy reserves. At the same time, inflationary pressures continue to pose a problem for many countries. For this reason, macroeconomic policies must be pursued carefully, with the aim of preserving price stability and curbing further increases in inflation.

These were some of the main conclusions of the closing plenary session of the annual meetings of the International Monetary Fund (IMF) and the World Bank, which was also attended by Finance Minister Gordana Dimitrieska-Koçoska.

During the event held in Bangkok, speeches were delivered by IMF Managing Director Kristalina Georgieva, World Bank Group President Axhaj Banga, and the chair of the annual meetings and governor of the Central Bank of Paraguay, Karlos Karvalo Spalding.

Minister Gordana Dimitrieska-Koçoska said that responsible management of public finances forms the foundation of a sustainable economy in a period marked by global uncertainty and successive economic shocks. According to her, the priorities include fiscal consolidation, more rational use of public resources and structural reforms aimed at increasing productivity, encouraging investment and strengthening the competitiveness of the domestic economy. She stressed that the objective is to ensure sustainable growth and create better prospects for citizens and companies.

As part of the annual meetings held in Bangkok last week, Dimitrieska-Koçoska met with the World Bank’s Regional Vice President for Europe and Central Asia, Antonela Basani, the IFC Vice President for Europe, Latin America and the Caribbean, Alfonso Garcia Mora, and the World Bank Executive Director for the constituency of member countries that includes our country, Juxhin Rugenat.

The discussions focused on the need to accelerate reforms, implement strategic projects and strengthen support for the private sector, which was assessed as one of the key drivers of economic growth.

The minister also held meetings with IMF Deputy Managing Director Bo Li, IMF Director for Europe Mateush Shçurek, IMF Executive Director Jerun Klik, and IMF Deputy Executive Director Marniks van Raj. The discussions centered on medium-term fiscal consolidation, adherence to fiscal discipline and the implementation of reforms aimed at increasing the sustainability of public finances while maintaining support for investment and economic development.

Participation in the annual meetings provides an opportunity to exchange experiences and views with leaders of international financial institutions and economic policymakers. The forum also serves to analyze developments in the global economy and their impact on national economies.