World Bank: Macedonia makes significant progress in public debt management

Macedonia makes progress in record time in public debt management, World Bank Treasury’s Government Debt and Risk Management (GDRM) Program said in the report. Macedonia in the last year has made progress in record time and the approach to public debt management related to international good practices showed significantly better results compared to other countries.

After an assessment, GDRM-Public Debt Department joint team agreed on the components they wanted to tackle during the next five years, to bring the Macedonian PDD on par with sound practice. “Six major reform components within a period of five years might seem ambitious, but not for the Macedonian PDD team.” said Rodrigo Cabral, Senior Financial Officer and Macedonia Task Team Leader, World Bank Treasury. “Typically, countries tackle one component at a time, because of the limited human capacity and having to handle reforms on top of their day-to-day operational work. But with Macedonia, it is different. There is an understanding within the technical team of ten practitioners, who are driven to improve, adopt sound practices, and do it fast.”

Macedonian PDD team works on Debt Management Strategy, amending the public debt management law, improving the domestic market for government securities and including the IT component work.