We are encouraged by the economic progress in the region, including your country. It is important for this region to remain open and to engage economically outside its borders. It is very important to strengthen ties with the largest trading partners.

This was stated today by Tao Zhang, Deputy Managing Director of the International Monetary Fund (IMF), at the International Conference on Monetary Policy and Financial Management, organized by the National Bank.

According to Zhang, now is the time for our country to support the recovery of the regional economy.

“There is an urgent need for macroeconomic policy to undergo reforms to consolidate the progress that has been achieved so far. The political stability of the countries in the region is a positive thing and is necessary in order for economic reforms to begin”, said Zhang.

The head of the IMF Mission in Skopje, Jasmin Rahman, said that Macedonia needs structural reforms in governance and the rule of law.

She added that the outflow of professional staff costs our economy greatly.

The IMF maintains that reforms in the Pension and Disability Insurance Fund are needed because, as its representatives have said, it is unsustainable in the long term due to aging of the population, low contributions and the low retirement age compared to EU member states.