Finance Ministry: US Treasury Department support expands - new agreement to enhance capacities for oversight of non-banking financial sector

• Ministry of Finance is focusing on enhancing capacities within the financial system with the ongoing support from the United States Department of the Treasury. This support is being realized within the framework of the agreement signed between the Ministry of Finance and the US Treasury Department in April 2023.

Ministry of Finance is focusing on enhancing capacities within the financial system with the ongoing support from the United States Department of the Treasury. This support is being realized within the framework of the agreement signed between the Ministry of Finance and the US Treasury Department in April 2023.

At meeting between caretaker Finance Minister Fatmir Besimi and the Deputy Assistant Secretary at US Treasury Department, Jason R. Orlando, held Monday in Skopje, it was pointed out that through this agreement, one of the largest projects of the US Treasury Department is being implemented and that it represents the greatest support ever provided to a country on a global scale.

Ministry of Finance said in a press release that experts from the US Treasury Department will be working at the Ministry of Finance in the coming period to strengthen capacities for conducting on-site and off-site supervision over the non-banking financial sector. This aims at enhancing consumer protection processes and increasing financial education among the population. This has been made possible through the Agreement signed today between the Ministry of Finance, represented by Minister Fatmir Besimi, and the US Treasury Department, represented by Deputy Assistant Secretary Jason R. Orlando.

"This is part of the ongoing support from the United States towards North Macedonia’s strategic goals, Euro-Atlantic integration, democratic and economic advancement, as well as overall domestic and international achievements. This involves cooperation across four areas, making it one of the most comprehensive projects of the US Treasury Department, thereby providing the greatest support to a country on a global scale. The support is aimed at advancing the public finance management system, which we have established with the enactment of the new Budget Law, serving as the foundation for several major reforms we are implementing in this segment. In addition to support in the area of public finance management and supervision of the non-banking financial sector, for which we signed an agreement today, cooperation is also underway in the areas of tax and customs administration, as well as public debt management. This is intended to cover the entire cycle of public finance management," Besimi said.

He extended his gratitude for the progress achieved by the US Treasury Department experts currently assisting in the Ministry of Finance, as well as in the Public Revenue Office and the Customs Administration. He expressed his hope for the sustained and expanded collaboration in the future.

"Following the signing of the agreement last April, the US Treasury Department experts are actively engaged in the budget policy sector, tax and customs administration, public debt management. Additionally, there are discussions underway regarding their potential involvement in shaping economic policies and development initiatives. In the field of tax and customs administration, experts are working on strengthening the capacities of the Customs Administration and Public Revenue Office as part of efforts for reforms and modernization in these two institutions," Finance Ministry said in a press release.