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Macedonia to repay loan debt to IMF before deadline

Macedonia will pay back the debt owned to the International Monetary Fund early, Prime Minister Nikola Gruevski announced.

The decision was made at today's government's session. The funds for covering a total of $51.7 million of the remaining debt that was due to be cleared until 2010, will be provided from the foreign currency reserves. By this move, the state budget will be relieved by $2.7 million on the account of the interest rates. Gruevski explained that the last move would set the total amount of early cleared debts to $292 million. The state will save as much as $9.4 million in 2007 alone, on the basis of early debts repayment.

„This represents another clear signal that Macedonia applies efficient and high-quality economic policies, which are highly valued in the country and abroad”, Gruevski said. Clearing of the debt loan owned to IMF is the latest in the series of the government's measures aimed at improvement of the economic environment as well as to promotion of the country as an attractive destination of foreign investments, Macedonian Prime Minister said. (