The Ministry of Finance of North Macedonia (formerly the Former Yugoslav Republic of Macedonia – FYROM) is the government body responsible for the country’s economic and fiscal policy. Its primary mission is to ensure the stability and sustainable growth of the national economy through sound financial management, prudent fiscal policies, and effective budget execution.
Key responsibilities of the Ministry include:
- Budget Preparation and Execution: The Ministry drafts the annual state budget, outlining projected revenues and expenditures for various government sectors. It then oversees the budget’s execution, monitoring spending and ensuring compliance with approved allocations. This involves careful planning, forecasting, and resource allocation to meet the nation’s needs while adhering to fiscal constraints.
- Tax Policy and Revenue Collection: The Ministry is responsible for developing and implementing tax policies, including value-added tax (VAT), income tax, and corporate tax. It works to optimize the tax system to generate sufficient revenue for the government while promoting economic activity and investment. This also includes combating tax evasion and ensuring fair and efficient tax collection.
- Public Debt Management: The Ministry manages the country’s public debt, aiming to minimize borrowing costs and ensure debt sustainability. This involves issuing government bonds, negotiating loan agreements, and monitoring debt levels to avoid excessive indebtedness. Prudent debt management is crucial for maintaining the country’s creditworthiness and financial stability.
- Financial Regulation and Supervision: The Ministry oversees the financial sector, including banks, insurance companies, and other financial institutions. It develops and enforces regulations to ensure the stability and soundness of the financial system, protect consumers, and prevent financial crime. This regulatory oversight is essential for fostering confidence in the financial sector and promoting economic growth.
- International Financial Relations: The Ministry represents North Macedonia in international financial institutions such as the International Monetary Fund (IMF) and the World Bank. It negotiates financial assistance packages, participates in international economic forums, and promotes the country’s economic interests on the global stage.
- Economic Analysis and Forecasting: The Ministry conducts economic analysis and forecasting to inform policy decisions. It monitors key economic indicators, analyzes trends, and projects future economic performance. This helps the government to anticipate challenges and opportunities and to develop appropriate policy responses.
The Minister of Finance is a key member of the government, responsible for advising the Prime Minister on economic and financial matters. The Minister plays a crucial role in shaping the country’s economic agenda and ensuring its financial stability.
In recent years, the Ministry has focused on reforms aimed at improving fiscal transparency, strengthening public financial management, and promoting economic competitiveness. These reforms are intended to create a more stable and predictable economic environment that attracts investment, fosters job creation, and improves the living standards of the citizens of North Macedonia. The Ministry’s ongoing efforts are crucial for ensuring the long-term economic prosperity of the country.
980×606 ministry finance ibrahim jaidah architects engineers from ibrahimjaidah.com 
400×400 ministry finance history parastatals recruitment addresses from businessyield.com 
900×450 finance ministry start budget preparation process ann from aamnewsnetwork.com 
450×450 ministry finance recruitment apply job vacancies june from www.9curry.com 
600×400 finance wwwministry finance from financepukiido.blogspot.com 
650×488 finance ministry government examining ways increase tax collection from ringgitplus.com 
1407×938 ministry finance treasury launches website ministry from www.finance.gov.mv 
1024×683 finance ministry calls limit expenses budget times from timesofaddu.com 
637×314 finance ministry shuts mass testing covid fears from www.myjoyonline.com 
900×500 time finance ministry effective austerity measures from www.fiscalnepal.com 
663×1024 minister finance ministry finance from finance.gov.gy