Skopje, government says that it has started to pay foreign debt

Skopje, government says that it has started to pay foreign debt

Skopje, March 2, 2015/Independent Balkan News Agency

By Naser Pajaziti

During the weekend, the government of FYR Macedonia said that it has started the phase of the payment of foreign debts. Minister of Finance said that during the weekend, it paid the last installment, 174 million USD  part of an International Monetary Fund (IMF) loan.

“We have just paid the last installment of the debt to the IMF. With this, the state debt has gone down by 1,7%. The loan amounting to 312 million USD had been taken out in 2011 and it started to be paid in the middle of 2014. The last installement has been paid with funds from the currency reserves. We took this decision to prevent bigger losses as a result of the increase in the value of the US dollar”, declared minister Stavrevski.

According to the data from the Central Bank in Skopje, foreign debt is estimated to amount to 6 billion USD or 77% of GDP. /ibna/