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Economy and Finance

North Macedonia

The European Commission conducts regular analysis on macroeconomic and financial developments in North Macedonia. The country also benefits from an EU macro-financial assistance programme.

Macro-Financial Assistance

On 3 February 2023, the Commission proposed to provide up to €100 million in Macro-financial Assistance (MFA) to North Macedonia. With this support, the EU is standing by North Macedonia in challenging times. Following Russia’s unprovoked invasion of Ukraine, the country’s external balance has deteriorated rapidly because of its high dependency on imports of fuel and electricity. North Macedonia also faces large external debt repayment needs in 2023 in a context of challenging financing conditions.

Commission proposal on providing MFA
SWD accompanying the Commission proposal on providing MFA
13 JULY 2020
Memorandum of Understanding between the European Union and North Macedonia

MFA in the context of the COVID-19 pandemic

On 22 April 2020, the Commission adopted a proposal for a €3 billion MFA package to ten enlargement and neighbourhood partners to help them limit the economic fallout of the coronavirus pandemic. The decision was adopted by the European Parliament and the Council of the EU on 25 May 2020. As part of this package, the EU agreed on a MFA programme of EUR 160 million to North Macedonia. The first instalment of EUR 80 million was disbursed in October 2020. The second instalment was released in June 2021, following a positive assessment by the Commission of the progress made with respect to the fulfilment of policy conditions attached to this assistance.