WASHINGTON (Reuters) – The International Monetary Fund said on Tuesday its executive board has approved a two-year, 530 million-euro precautionary and liquidity line arrangement for North Macedonia to address economic fallout from COVID-19 and Russia’s war in Ukraine.
The IMF said the approval allows North Macedonia to immediately draw about 110 million euros from the facility, to be followed by another draw of about 155 million euros upon completion of an initial review planned in May 2023. The Fund said North Macedonian authorities intend to draw on the arrangement during its first year.
(Reporting by David Lawder)