Macedonia Postpones Eurobond Plans

He said Macedonia was planning to issue Eurobonds worth between 175 and 250 million euros for this year, but noted that the country was in no hurry as its economic indicators currently promise steady development.
 
"We will be patient because there is no urgent need for these funds, so whenever the market is ready we will be there," Stavreski said in an interview for Reuters at the EBRD's annual meeting in Zagreb.
 
The finance minister expressed his satisfaction with the interest of investors in the Eurobonds.

“I am very satisfied with the outcome. Investors are picky but they make a distinction when they see a case that is based on sound fundamentals and this is Macedonia's case,” noted Stavreski.

However, some local observers have been criticizing the government push towards Eurobonds and other commercial means of providing fresh money for the economy. They suggest that the country should consider getting a loan from the IMF as the interest rates from the IMF are much lower.

Stavreski noted that Macedonia's economy shrank 0.7 per cent last year which, according to him, was a very good result considering last year’s global crisis.
 
The government and IMF foresee growth of about 2 per cent this year, which they expect will primarily be driven by the country’s flagship metal and construction industries.