FYR Macedonia Public Expenditure Review

Progress in advancing political and economic reforms has been substantial this decade. The authorities have moved with determination in implementing the Framework Agreement for Peace (the Ohrid Agreement) that ended the 2001 hostilities, including...

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Main Author:	World Bank
Format:	Public Expenditure Review
Language:	English
Published:	Washington, DC 2012
Subjects:	ACCOUNTING ADMINISTRATIVE REFORMS AVERAGE PENSION AVERAGE WAGE AVERAGE WAGES BALANCE OF PAYMENTS BANKRUPTCY BANKS BASELINE SCENARIO BONDS BUDGET DEFICIT BUDGET ENVELOPE BUDGET PREPARATION BUDGET PREPARATION PROCESS BUDGETARY FUNDS BUSINESS PLANS CALCULATIONS CAPITAL EXPENDITURE CAPITAL EXPENDITURES CAPITAL INVESTMENT CAPITAL MARKETS COMMODITIES COMMODITY COMPOSITION OF PUBLIC SPENDING CONSUMER CONTRIBUTION CONTRIBUTION RATES CONTRIBUTIONS COST RECOVERY CREDITOR CREDITORS CREDITS CURRENT ACCOUNT CURRENT EXPENDITURE CURRENT EXPENDITURES CURRICULA DEBT DEBT DYNAMICS DEBT SUSTAINABILITY DECENTRALIZATION DECENTRALIZATION PROCESS DEPOSITS DEPRECIATION DIRECT INVESTMENT DISABILITY DISABILITY INSURANCE ECONOMIC ACTIVITY ECONOMIC CLASSIFICATION ECONOMIC GROWTH ECONOMIC MANAGEMENT EDUCATION EXPENDITURES EDUCATION PERFORMANCE EDUCATION SPENDING EDUCATIONAL ATTAINMENT EFFECTIVENESS OF PUBLIC SPENDING ETHNIC GROUP EXCHANGE RATE EXCHANGE RATES EXCHANGE RESERVES EXPENDITURE CUTS EXTERNAL DEBT FINANCIAL CONDITION FINANCIAL INSTITUTIONS FINANCIAL SITUATION FINANCIAL STABILITY FINANCIAL TRANSACTIONS FISCAL ACCOUNTS FISCAL ADJUSTMENT FISCAL BALANCE FISCAL DEFICIT FISCAL DEFICITS FISCAL ENVELOPE FISCAL IMPACT FISCAL POLICIES FISCAL POLICY FISCAL POSITION FISCAL PRESSURES FISCAL PRUDENCE FISCAL RISK FISCAL RISKS FISCAL SUSTAINABILITY FISCAL TRANSFERS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN INVESTMENT GENERAL PUBLIC GENERAL REVENUES GOVERNMENT DEBT GOVERNMENT EXPENDITURES GOVERNMENT PRIORITIES GOVERNMENT REVENUES GOVERNMENT SPENDING HEALTH CARE HEALTH CENTERS HEALTH EXPENDITURES HEALTH FINANCING HEALTH INSURANCE HEALTH INSURANCE PREMIUMS HEALTH OUTCOMES HEALTH SECTOR HEALTH SERVICES HEALTH SPENDING INCOME INCOME LEVELS INCOME TAX INCOME TAXES INDEBTEDNESS INFLATION INFORMATION TECHNOLOGY INTEREST PAYMENTS INTEREST RATES INTERNAL AUDIT INVESTMENT CLIMATE INVESTMENT EXPENDITURES INVESTMENT PROGRAM JOB CREATION LABOR FORCE LABOR MARKET LABOR MARKETS LIVING STANDARDS LOAN LOAN PORTFOLIO MACROECONOMIC STABILITY MAINTENANCE COSTS MARKET ECONOMY MARKET FORCES MARKET SHARE MEMBER COUNTRIES MINIMUM CONTRIBUTION MINIMUM PENSION MINIMUM PENSIONS MONETARY POLICY MUNICIPALITIES NATIONAL ACCOUNTS NATIONAL ACCOUNTS STATISTICS NATIONAL BANK NEW JOB NEW JOBS PAYROLL TAXES PENSION PENSION BENEFITS PENSION CONTRIBUTIONS PENSION COVERAGE PENSION FUND PENSION FUNDS PENSION INCOMES PENSION REFORM PENSION REFORMS PENSION SYSTEM PENSIONERS PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POVERTY LEVELS POVERTY RATE POVERTY REDUCTION PRICE STABILITY PRIMARY EDUCATION PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE SECTOR PRIVATE SECTOR RESPONSE PRODUCTIVITY PROGRAMS PUBLIC ASSETS PUBLIC CONSUMPTION PUBLIC DEBT PUBLIC EXPECTATIONS PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE DELIVERY PUBLIC SPENDING PURCHASES PURCHASING POWER QUALITY OF SERVICES REPLACEMENT RATE REPLACEMENT RATES RESPONSIBILITIES RETIREMENT RETIREMENT AGE ROAD MAINTENANCE ROAD NETWORK SALARIES SALARY SALE SALES SAVINGS SECOND PENSION SECONDARY EDUCATION SECONDARY SCHOOL SECONDARY SCHOOLS SECURITIES SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL SECURITY SOCIAL SECURITY CONTRIBUTION SOCIAL SECURITY CONTRIBUTIONS SPENDING LEVELS STRATEGIC PRIORITIES STRUCTURAL REFORMS TAX ADMINISTRATION TAX BASE TAX BURDEN TAX RATE TAX RATES TAX SYSTEM TEACHER TRAINING TRANSFER PAYMENTS TREASURY REFORMS UNEMPLOYMENT UNEMPLOYMENT BENEFITS WAGE GROWTH WAGES WORLD TRADE WORTH
Online Access:	http://documents.worldbank.org/curated/en/2008/02/9047691/macedonia-fyr-macedonia-public-expenditure-review http://hdl.handle.net/10986/8044

id	okr-10986-8044
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTING ADMINISTRATIVE REFORMS AVERAGE PENSION AVERAGE WAGE AVERAGE WAGES BALANCE OF PAYMENTS BANKRUPTCY BANKS BASELINE SCENARIO BONDS BUDGET DEFICIT BUDGET ENVELOPE BUDGET PREPARATION BUDGET PREPARATION PROCESS BUDGETARY FUNDS BUSINESS PLANS CALCULATIONS CAPITAL EXPENDITURE CAPITAL EXPENDITURES CAPITAL INVESTMENT CAPITAL MARKETS COMMODITIES COMMODITY COMPOSITION OF PUBLIC SPENDING CONSUMER CONTRIBUTION CONTRIBUTION RATES CONTRIBUTIONS COST RECOVERY CREDITOR CREDITORS CREDITS CURRENT ACCOUNT CURRENT EXPENDITURE CURRENT EXPENDITURES CURRICULA DEBT DEBT DYNAMICS DEBT SUSTAINABILITY DECENTRALIZATION DECENTRALIZATION PROCESS DEPOSITS DEPRECIATION DIRECT INVESTMENT DISABILITY DISABILITY INSURANCE ECONOMIC ACTIVITY ECONOMIC CLASSIFICATION ECONOMIC GROWTH ECONOMIC MANAGEMENT EDUCATION EXPENDITURES EDUCATION PERFORMANCE EDUCATION SPENDING EDUCATIONAL ATTAINMENT EFFECTIVENESS OF PUBLIC SPENDING ETHNIC GROUP EXCHANGE RATE EXCHANGE RATES EXCHANGE RESERVES EXPENDITURE CUTS EXTERNAL DEBT FINANCIAL CONDITION FINANCIAL INSTITUTIONS FINANCIAL SITUATION FINANCIAL STABILITY FINANCIAL TRANSACTIONS FISCAL ACCOUNTS FISCAL ADJUSTMENT FISCAL BALANCE FISCAL DEFICIT FISCAL DEFICITS FISCAL ENVELOPE FISCAL IMPACT FISCAL POLICIES FISCAL POLICY FISCAL POSITION FISCAL PRESSURES FISCAL PRUDENCE FISCAL RISK FISCAL RISKS FISCAL SUSTAINABILITY FISCAL TRANSFERS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN INVESTMENT GENERAL PUBLIC GENERAL REVENUES GOVERNMENT DEBT GOVERNMENT EXPENDITURES GOVERNMENT PRIORITIES GOVERNMENT REVENUES GOVERNMENT SPENDING HEALTH CARE HEALTH CENTERS HEALTH EXPENDITURES HEALTH FINANCING HEALTH INSURANCE HEALTH INSURANCE PREMIUMS HEALTH OUTCOMES HEALTH SECTOR HEALTH SERVICES HEALTH SPENDING INCOME INCOME LEVELS INCOME TAX INCOME TAXES INDEBTEDNESS INFLATION INFORMATION TECHNOLOGY INTEREST PAYMENTS INTEREST RATES INTERNAL AUDIT INVESTMENT CLIMATE INVESTMENT EXPENDITURES INVESTMENT PROGRAM JOB CREATION LABOR FORCE LABOR MARKET LABOR MARKETS LIVING STANDARDS LOAN LOAN PORTFOLIO MACROECONOMIC STABILITY MAINTENANCE COSTS MARKET ECONOMY MARKET FORCES MARKET SHARE MEMBER COUNTRIES MINIMUM CONTRIBUTION MINIMUM PENSION MINIMUM PENSIONS MONETARY POLICY MUNICIPALITIES NATIONAL ACCOUNTS NATIONAL ACCOUNTS STATISTICS NATIONAL BANK NEW JOB NEW JOBS PAYROLL TAXES PENSION PENSION BENEFITS PENSION CONTRIBUTIONS PENSION COVERAGE PENSION FUND PENSION FUNDS PENSION INCOMES PENSION REFORM PENSION REFORMS PENSION SYSTEM PENSIONERS PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POVERTY LEVELS POVERTY RATE POVERTY REDUCTION PRICE STABILITY PRIMARY EDUCATION PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE SECTOR PRIVATE SECTOR RESPONSE PRODUCTIVITY PROGRAMS PUBLIC ASSETS PUBLIC CONSUMPTION PUBLIC DEBT PUBLIC EXPECTATIONS PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE DELIVERY PUBLIC SPENDING PURCHASES PURCHASING POWER QUALITY OF SERVICES REPLACEMENT RATE REPLACEMENT RATES RESPONSIBILITIES RETIREMENT RETIREMENT AGE ROAD MAINTENANCE ROAD NETWORK SALARIES SALARY SALE SALES SAVINGS SECOND PENSION SECONDARY EDUCATION SECONDARY SCHOOL SECONDARY SCHOOLS SECURITIES SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL SECURITY SOCIAL SECURITY CONTRIBUTION SOCIAL SECURITY CONTRIBUTIONS SPENDING LEVELS STRATEGIC PRIORITIES STRUCTURAL REFORMS TAX ADMINISTRATION TAX BASE TAX BURDEN TAX RATE TAX RATES TAX SYSTEM TEACHER TRAINING TRANSFER PAYMENTS TREASURY REFORMS UNEMPLOYMENT UNEMPLOYMENT BENEFITS WAGE GROWTH WAGES WORLD TRADE WORTH
spellingShingle	ACCOUNTING ADMINISTRATIVE REFORMS AVERAGE PENSION AVERAGE WAGE AVERAGE WAGES BALANCE OF PAYMENTS BANKRUPTCY BANKS BASELINE SCENARIO BONDS BUDGET DEFICIT BUDGET ENVELOPE BUDGET PREPARATION BUDGET PREPARATION PROCESS BUDGETARY FUNDS BUSINESS PLANS CALCULATIONS CAPITAL EXPENDITURE CAPITAL EXPENDITURES CAPITAL INVESTMENT CAPITAL MARKETS COMMODITIES COMMODITY COMPOSITION OF PUBLIC SPENDING CONSUMER CONTRIBUTION CONTRIBUTION RATES CONTRIBUTIONS COST RECOVERY CREDITOR CREDITORS CREDITS CURRENT ACCOUNT CURRENT EXPENDITURE CURRENT EXPENDITURES CURRICULA DEBT DEBT DYNAMICS DEBT SUSTAINABILITY DECENTRALIZATION DECENTRALIZATION PROCESS DEPOSITS DEPRECIATION DIRECT INVESTMENT DISABILITY DISABILITY INSURANCE ECONOMIC ACTIVITY ECONOMIC CLASSIFICATION ECONOMIC GROWTH ECONOMIC MANAGEMENT EDUCATION EXPENDITURES EDUCATION PERFORMANCE EDUCATION SPENDING EDUCATIONAL ATTAINMENT EFFECTIVENESS OF PUBLIC SPENDING ETHNIC GROUP EXCHANGE RATE EXCHANGE RATES EXCHANGE RESERVES EXPENDITURE CUTS EXTERNAL DEBT FINANCIAL CONDITION FINANCIAL INSTITUTIONS FINANCIAL SITUATION FINANCIAL STABILITY FINANCIAL TRANSACTIONS FISCAL ACCOUNTS FISCAL ADJUSTMENT FISCAL BALANCE FISCAL DEFICIT FISCAL DEFICITS FISCAL ENVELOPE FISCAL IMPACT FISCAL POLICIES FISCAL POLICY FISCAL POSITION FISCAL PRESSURES FISCAL PRUDENCE FISCAL RISK FISCAL RISKS FISCAL SUSTAINABILITY FISCAL TRANSFERS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN INVESTMENT GENERAL PUBLIC GENERAL REVENUES GOVERNMENT DEBT GOVERNMENT EXPENDITURES GOVERNMENT PRIORITIES GOVERNMENT REVENUES GOVERNMENT SPENDING HEALTH CARE HEALTH CENTERS HEALTH EXPENDITURES HEALTH FINANCING HEALTH INSURANCE HEALTH INSURANCE PREMIUMS HEALTH OUTCOMES HEALTH SECTOR HEALTH SERVICES HEALTH SPENDING INCOME INCOME LEVELS INCOME TAX INCOME TAXES INDEBTEDNESS INFLATION INFORMATION TECHNOLOGY INTEREST PAYMENTS INTEREST RATES INTERNAL AUDIT INVESTMENT CLIMATE INVESTMENT EXPENDITURES INVESTMENT PROGRAM JOB CREATION LABOR FORCE LABOR MARKET LABOR MARKETS LIVING STANDARDS LOAN LOAN PORTFOLIO MACROECONOMIC STABILITY MAINTENANCE COSTS MARKET ECONOMY MARKET FORCES MARKET SHARE MEMBER COUNTRIES MINIMUM CONTRIBUTION MINIMUM PENSION MINIMUM PENSIONS MONETARY POLICY MUNICIPALITIES NATIONAL ACCOUNTS NATIONAL ACCOUNTS STATISTICS NATIONAL BANK NEW JOB NEW JOBS PAYROLL TAXES PENSION PENSION BENEFITS PENSION CONTRIBUTIONS PENSION COVERAGE PENSION FUND PENSION FUNDS PENSION INCOMES PENSION REFORM PENSION REFORMS PENSION SYSTEM PENSIONERS PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POVERTY LEVELS POVERTY RATE POVERTY REDUCTION PRICE STABILITY PRIMARY EDUCATION PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE SECTOR PRIVATE SECTOR RESPONSE PRODUCTIVITY PROGRAMS PUBLIC ASSETS PUBLIC CONSUMPTION PUBLIC DEBT PUBLIC EXPECTATIONS PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE DELIVERY PUBLIC SPENDING PURCHASES PURCHASING POWER QUALITY OF SERVICES REPLACEMENT RATE REPLACEMENT RATES RESPONSIBILITIES RETIREMENT RETIREMENT AGE ROAD MAINTENANCE ROAD NETWORK SALARIES SALARY SALE SALES SAVINGS SECOND PENSION SECONDARY EDUCATION SECONDARY SCHOOL SECONDARY SCHOOLS SECURITIES SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL SECURITY SOCIAL SECURITY CONTRIBUTION SOCIAL SECURITY CONTRIBUTIONS SPENDING LEVELS STRATEGIC PRIORITIES STRUCTURAL REFORMS TAX ADMINISTRATION TAX BASE TAX BURDEN TAX RATE TAX RATES TAX SYSTEM TEACHER TRAINING TRANSFER PAYMENTS TREASURY REFORMS UNEMPLOYMENT UNEMPLOYMENT BENEFITS WAGE GROWTH WAGES WORLD TRADE WORTH World Bank FYR Macedonia Public Expenditure Review
geographic_facet	Europe and Central Asia Macedonia, former Yugoslav Republic of North Macedonia (Formerly the Former Yugoslav Republic of Macedonia)
description	Progress in advancing political and economic reforms has been substantial this decade. The authorities have moved with determination in implementing the Framework Agreement for Peace (the Ohrid Agreement) that ended the 2001 hostilities, including enhancing the representation of minorities in governmental structures. This, together with economic reforms and the implementation of the Stabilization and Association Agreement (SAA) with the European Union (EU), led the European Council to grant FYR Macedonia the status of a candidate country in December 2005. In 2003, the Government introduced a stabilization program focused on tighter fiscal policy and supported by the continuation of the de facto pegging of the exchange rate against the euro. The budget deficit was virtually eliminated in the first year of the program and in the subsequent years spending has been sharply reduced as a share of Gross Domestic Product (GDP). The fiscal adjustment helped improve financial stability and placed public debt ratios on a steadily declining path, with government debt amounting to about 30 percent of GDP at the end of 2006. The balance of payments has improved since 2003, and especially since 2005. In fact, FYR Macedonia has the smallest current account deficit in the region equivalent to 0.4 percent of GDP. A key challenge for the new Government is to adopt policies that will facilitate formalization of economic activity, including employment. In this context, the authorities are urged to explore options to reduce social security contribution rates, starting with the elimination of the minimum contribution threshold which represents an enormous disincentive for formal sector employment for low-wage and part-time workers.
format	Economic & Sector Work :: Public Expenditure Review
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	FYR Macedonia Public Expenditure Review
title_short	FYR Macedonia Public Expenditure Review
title_full	FYR Macedonia Public Expenditure Review
title_fullStr	FYR Macedonia Public Expenditure Review
title_full_unstemmed	FYR Macedonia Public Expenditure Review
title_sort	fyr macedonia public expenditure review
publisher	Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/2008/02/9047691/macedonia-fyr-macedonia-public-expenditure-review http://hdl.handle.net/10986/8044
_version_	1764403280209772544
spelling	okr-10986-80442021-04-23T14:02:36Z FYR Macedonia Public Expenditure Review World Bank ACCOUNTING ADMINISTRATIVE REFORMS AVERAGE PENSION AVERAGE WAGE AVERAGE WAGES BALANCE OF PAYMENTS BANKRUPTCY BANKS BASELINE SCENARIO BONDS BUDGET DEFICIT BUDGET ENVELOPE BUDGET PREPARATION BUDGET PREPARATION PROCESS BUDGETARY FUNDS BUSINESS PLANS CALCULATIONS CAPITAL EXPENDITURE CAPITAL EXPENDITURES CAPITAL INVESTMENT CAPITAL MARKETS COMMODITIES COMMODITY COMPOSITION OF PUBLIC SPENDING CONSUMER CONTRIBUTION CONTRIBUTION RATES CONTRIBUTIONS COST RECOVERY CREDITOR CREDITORS CREDITS CURRENT ACCOUNT CURRENT EXPENDITURE CURRENT EXPENDITURES CURRICULA DEBT DEBT DYNAMICS DEBT SUSTAINABILITY DECENTRALIZATION DECENTRALIZATION PROCESS DEPOSITS DEPRECIATION DIRECT INVESTMENT DISABILITY DISABILITY INSURANCE ECONOMIC ACTIVITY ECONOMIC CLASSIFICATION ECONOMIC GROWTH ECONOMIC MANAGEMENT EDUCATION EXPENDITURES EDUCATION PERFORMANCE EDUCATION SPENDING EDUCATIONAL ATTAINMENT EFFECTIVENESS OF PUBLIC SPENDING ETHNIC GROUP EXCHANGE RATE EXCHANGE RATES EXCHANGE RESERVES EXPENDITURE CUTS EXTERNAL DEBT FINANCIAL CONDITION FINANCIAL INSTITUTIONS FINANCIAL SITUATION FINANCIAL STABILITY FINANCIAL TRANSACTIONS FISCAL ACCOUNTS FISCAL ADJUSTMENT FISCAL BALANCE FISCAL DEFICIT FISCAL DEFICITS FISCAL ENVELOPE FISCAL IMPACT FISCAL POLICIES FISCAL POLICY FISCAL POSITION FISCAL PRESSURES FISCAL PRUDENCE FISCAL RISK FISCAL RISKS FISCAL SUSTAINABILITY FISCAL TRANSFERS FOREIGN CURRENCIES FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN INVESTMENT GENERAL PUBLIC GENERAL REVENUES GOVERNMENT DEBT GOVERNMENT EXPENDITURES GOVERNMENT PRIORITIES GOVERNMENT REVENUES GOVERNMENT SPENDING HEALTH CARE HEALTH CENTERS HEALTH EXPENDITURES HEALTH FINANCING HEALTH INSURANCE HEALTH INSURANCE PREMIUMS HEALTH OUTCOMES HEALTH SECTOR HEALTH SERVICES HEALTH SPENDING INCOME INCOME LEVELS INCOME TAX INCOME TAXES INDEBTEDNESS INFLATION INFORMATION TECHNOLOGY INTEREST PAYMENTS INTEREST RATES INTERNAL AUDIT INVESTMENT CLIMATE INVESTMENT EXPENDITURES INVESTMENT PROGRAM JOB CREATION LABOR FORCE LABOR MARKET LABOR MARKETS LIVING STANDARDS LOAN LOAN PORTFOLIO MACROECONOMIC STABILITY MAINTENANCE COSTS MARKET ECONOMY MARKET FORCES MARKET SHARE MEMBER COUNTRIES MINIMUM CONTRIBUTION MINIMUM PENSION MINIMUM PENSIONS MONETARY POLICY MUNICIPALITIES NATIONAL ACCOUNTS NATIONAL ACCOUNTS STATISTICS NATIONAL BANK NEW JOB NEW JOBS PAYROLL TAXES PENSION PENSION BENEFITS PENSION CONTRIBUTIONS PENSION COVERAGE PENSION FUND PENSION FUNDS PENSION INCOMES PENSION REFORM PENSION REFORMS PENSION SYSTEM PENSIONERS PENSIONS PERSONAL INCOME PERSONAL INCOME TAX POVERTY LEVELS POVERTY RATE POVERTY REDUCTION PRICE STABILITY PRIMARY EDUCATION PRIVATE PENSION PRIVATE PENSION FUNDS PRIVATE SECTOR PRIVATE SECTOR RESPONSE PRODUCTIVITY PROGRAMS PUBLIC ASSETS PUBLIC CONSUMPTION PUBLIC DEBT PUBLIC EXPECTATIONS PUBLIC EXPENDITURE PUBLIC EXPENDITURE REVIEW PUBLIC EXPENDITURES PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PROCUREMENT PUBLIC SECTOR PUBLIC SERVICE PUBLIC SERVICE DELIVERY PUBLIC SPENDING PURCHASES PURCHASING POWER QUALITY OF SERVICES REPLACEMENT RATE REPLACEMENT RATES RESPONSIBILITIES RETIREMENT RETIREMENT AGE ROAD MAINTENANCE ROAD NETWORK SALARIES SALARY SALE SALES SAVINGS SECOND PENSION SECONDARY EDUCATION SECONDARY SCHOOL SECONDARY SCHOOLS SECURITIES SOCIAL ASSISTANCE SOCIAL INSURANCE SOCIAL SECURITY SOCIAL SECURITY CONTRIBUTION SOCIAL SECURITY CONTRIBUTIONS SPENDING LEVELS STRATEGIC PRIORITIES STRUCTURAL REFORMS TAX ADMINISTRATION TAX BASE TAX BURDEN TAX RATE TAX RATES TAX SYSTEM TEACHER TRAINING TRANSFER PAYMENTS TREASURY REFORMS UNEMPLOYMENT UNEMPLOYMENT BENEFITS WAGE GROWTH WAGES WORLD TRADE WORTH Progress in advancing political and economic reforms has been substantial this decade. The authorities have moved with determination in implementing the Framework Agreement for Peace (the Ohrid Agreement) that ended the 2001 hostilities, including enhancing the representation of minorities in governmental structures. This, together with economic reforms and the implementation of the Stabilization and Association Agreement (SAA) with the European Union (EU), led the European Council to grant FYR Macedonia the status of a candidate country in December 2005. In 2003, the Government introduced a stabilization program focused on tighter fiscal policy and supported by the continuation of the de facto pegging of the exchange rate against the euro. The budget deficit was virtually eliminated in the first year of the program and in the subsequent years spending has been sharply reduced as a share of Gross Domestic Product (GDP). The fiscal adjustment helped improve financial stability and placed public debt ratios on a steadily declining path, with government debt amounting to about 30 percent of GDP at the end of 2006. The balance of payments has improved since 2003, and especially since 2005. In fact, FYR Macedonia has the smallest current account deficit in the region equivalent to 0.4 percent of GDP. A key challenge for the new Government is to adopt policies that will facilitate formalization of economic activity, including employment. In this context, the authorities are urged to explore options to reduce social security contribution rates, starting with the elimination of the minimum contribution threshold which represents an enormous disincentive for formal sector employment for low-wage and part-time workers. 2012-06-14T18:01:12Z 2012-06-14T18:01:12Z 2008-02 http://documents.worldbank.org/curated/en/2008/02/9047691/macedonia-fyr-macedonia-public-expenditure-review http://hdl.handle.net/10986/8044 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Public Expenditure Review Economic & Sector Work Europe and Central Asia Macedonia, former Yugoslav Republic of North Macedonia (Formerly the Former Yugoslav Republic of Macedonia)

FYR Macedonia Public Expenditure Review

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