External indebtedness of the Republic of Macedonia – the obligations of the central government, funds, public enterprises, the central bank and the private sector towards foreign lenders. The debt consists of: obligations to multilateral lenders (IBRD, IDA, EIB, IFAD, EBRD, etc.), bilateral debt (mostly obligations to the Paris Club) and the debt to private lenders. After the independence, the Republic of Macedonia inherited part of the external debt of the SFRY. Thus, since 1995 Macedonia accepted 5.4% ($ 397 million) from the debt of the former SFRY to the Paris Club of Creditors, and in March 1997. and 5.4% (229 million dollars) from the debt of the SFRY to the London Club of Creditors. At the same time, Macedonia approached the clearing of the obligations towards foreign creditors. During 1994 regulates the inherited debt to the World Bank, and in 1995 and 2000. reprogram the debt to the Paris Club of Trustees. The debt to the London Club of Creditors has been refinanced in 1998, within the framework of the new financial agreement. In August 2004 Macedonia received its first credit rating from the renowned rating agency Standard & Poorgi, which external debt is evaluated by rating BB. On that basis, in December 2005 Macedonia emitted the first Eurobonds in the amount of 150 million euros, with a maturity of 10 years and with an interest rate of 4.625%. The funds were used for early redemption of bonds issued to regulate the debt to the London Club of Creditors. At the end of 2006 The total external debt of Macedonia is 1.85 billion euros, of which 1.76 billion euros are long-term debt, while the short-term external debt is 90 million euros. Based on the individual indicators of the degree of indebtedness, Macedonia belongs to the group of more or moderately indebted countries. For example, at the end of 2005, the total external debt of Macedonia participates according to 44% and 111.5% in GDP and exports. From the aspect of debtors, 70% of the long-term debt is the public sector, while 30% of the external debt refers to the private sector. Regarding the structure of the creditors, most of the external debt (50%) refers to the obligations to multilateral lenders, and within this framework the largest individual lenders of Macedonia are the International Association for Development and the World Bank. In addition, most of the external debt (57%) is denominated in euros, and the rest is expressed in special towing rights and in dollars. External long-term debt in 2006 (million euros) Creditors state of debt official lenders 1.048.0 Multilateral debt 881.6 Bilateral debt 166.4 Private lenders 710.4 Eurobonds 150.0 Other private lenders 560.4 Total 1.758.4 Source: National Bank of the Republic of Macedonia, Monthly Information 12/2006, February 2007, 23. Source: Newsletter, Ministry of Finance, Skopje, July / August 2006, 7 Lit.: Public Debt Management Strategy, Ministry of Finance, Skopje, December 2005; Semi-annual report January-June 2006, National Bank of the Republic of Macedonia, October 2006; Monthly information 12/2006, People’s trade exchange of RM abroad in thousands US $ – Selected years Bank of the Republic of Macedonia, February 2007; Newsletter, Ministry of Finance, year 1990 1995 2000 Skopje, July / August 2006, 7. Mr. P. Exports 1.112.786 1.204.048 1.322.617 2.041.000
Original article in Macedonian language Cyrillic alphabet
Кириличен напис НАДВОРЕШНА ЗАДОЛЖЕНОСТ НА РМ