Growth Acceleration Plan 2022-2026
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Category: Executive
Document Type: Policy
Role: Main
This plan for North Macedonia aims to finance post-COVID economic recovery and accelerate sustainable growth by mobilizing public and private investment in areas including the green economy, digitalization, innovation, human capital, and infrastructure, while maintaining fiscal stability.
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Full text:
GROWTH ACCELERATION PLAN 2022-2026 TABLE OF CONTENTS TOC \h \u \z HYPERLINK \l "_Toc87940960" Executive Summary PAGEREF _Toc87940960 \h 2 HYPERLINK \l "_Toc87940961" Introduction PAGEREF _Toc87940961 \h 4 HYPERLINK \l "_Toc87940962" 1. Economic Overview PAGEREF _Toc87940962 \h 5 HYPERLINK \l "_Toc87940963" 2. Financing Transmission Mechanism PAGEREF _Toc87940963 \h 10 HYPERLINK \l "_Toc87940964" 3. Governance Structure and Project Management PAGEREF _Toc87940964 \h 11 HYPERLINK \l "_Toc87940965" 4. Institutional and Regulatory Framework PAGEREF _Toc87940965 \h 14 HYPERLINK \l "_Toc87940966" 5. Expected Outcomes PAGEREF _Toc87940966 \h 20 HYPERLINK \l "_Toc87940967" 6. Implementation Roadmap PAGEREF _Toc87940967 \h 26 HYPERLINK \l "_Toc87940968" References PAGEREF _Toc87940968 \h 29 HYPERLINK \l "_Toc87940969" Appendix 1. Business Environment PAGEREF _Toc87940969 \h 30 HYPERLINK \l "_Toc87940970" Appendix 2. NIC Project List PAGEREF _Toc87940970 \h 36 HYPERLINK \l "_Toc87940971" Appendix 3. Fund for Innovations and Technology Development (FITD) PAGEREF _Toc87940971 \h 37 HYPERLINK \l "_Toc87940972" Appendix 4 “Greening Business” Facility (North Macedonia FZA) PAGEREF _Toc87940972 \h 43 HYPERLINK \l "_Toc87940973" North Macedonia Free Zones Authority PAGEREF _Toc87940973 \h 45 HYPERLINK \l "_Toc87940974" Appendix 5. Development Bank of North Macedonia PAGEREF _Toc87940974 \h 47 HYPERLINK \l "_Toc87940975" Appendix 6 Invest North Macedonia PAGEREF _Toc87940975 \h 51 Executive Summary Aim of the document The plan aims to finance the recovery of the economy affected by COVID-19 and to support accelerated and sustainable growth while maintaining fiscal stability by mobilizing capital from the private sector in addition to the funds allocated from the budget and borrowings. Expected outcomes Accelerated growth - to accelerate the medium-term economic growth rates from 2.5% to 5% average growth; Fiscal consolidation - to maintain the fiscal consolidation of the public debt and the budget deficit in the medium term within the fiscal rule of the general government debt up to 60% and the deficit up to 3% of the country's GDP; Increased investments in the public and private sector; Increased jobs and reduced unemployment; and Efficient and effective institutional framework for investment project’s implementation. Subject to support Investments in public projects; Investments in the private sector; and Policy and institutional reforms. Areas for support Green economy; Digitalisation; Innovations and technology development Human capital; Physical infrastructure; and Social cohesion. Sources for financing Budget (revenues and borrowing); International and bilateral financial institutions; Private institutional investors and banks; and Development partners (grants). Implementing agencies Government Ministries; Development Bank of North Macedonia; Fund for Innovations and Technology Development; North Macedonia Free Zones Authority;
Tags: Climate Neutrality, Covid 19, Digital Transition, Energy Transition, Finance, Funding, Grant, Green Investments, Infrastructure, Innovation, Investment, Jobs, Loan, Mitigation, Policy, Public Private, Stimulus Plan
Sector: Finance;Economy-wide