Macedonia's fiscal policy confirmed by Fitch report: minister

Source: Xinhua| 2019-01-20 06:35:14|Editor: Shi Yinglun
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SKOPJE, Jan. 19 (Xinhua) -- Macedonian successful fiscal policy was confirmed by the Fitch international credit rating agency, Macedonian Minister of Finance Dragan Tevdovski said on Saturday.

"The Fitch report confirms our successful fiscal policy and affirmed the credit rating of Macedonia at 'BB'," said Tevdovski.

The minister underlined that the agency noted that reforms, especially in the public finance system, coupled with improved political stability, boosted economic activity.

"Fitch estimates that the proved political stability should increase the national Gross Domestic Product (GDP) from 2.3 percent in 2018 to 3.2 percent in 2019," said Tevdovski.

According to the Fitch report, solving the name dispute with Greece paves the way for Macedonia to NATO and the beginning of formal negotiations for EU accession.

According to Fitch ratings, "BB" ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.