MoF: US Treasury is broadening its support – new ToR for capacity strengthening for non-bank financial sector supervision

Strengthening the capacities in the Ministry of Finance as regards the financial system is the new scope of field the USA is extending its support to, via the US Treasury, being implemented under the signed Terms of Reference between the Ministry of Finance and the US Treasury in April 2023. At the meeting held today in Skopje between the Minister of Finance, Fatmir Besimi, and the Acting Deputy Assistant Secretary at the US Treasury Department, Jason Orlando, it was pointed out that Terms of Reference set forth the implementation of one of the largest projects of the US Treasury, being the most substantial support given to a country in global terms.

US Treasury experts in the following period will cooperate with the Ministry of Finance on strengthening its capacities for implementing on-sight and off-sight supervision of the non-bank financial sector to the end of strengthening consumer protection processes, as well as intensifying population’s financial literacy. This is effected by the today’s signing of ToR between the Ministry of Finance, represented by the Minister Fatmir Besimi, and the US Treasury, represented by the Assistant Deputy Secretary Jason Orlando.

“This is part of the continuous US support intended for our strategic objectives, our Euro-Atlantic integration, the democratic and economic development of the country, also covering the overall  accomplishments  both on the home front and abroad. It is a matter of a cooperation, incorporating four areas, thus representing one of the most extensive projects of the US Treasury, i.e. most considerable support extended to a country in global perspective. Support has been geared towards improving the public financial management system, established with the adoption of the Organic Budget Law, as a basis of many major reforms implemented in this segment. In addition to the support focused on the public financial management, as well as the supervision of the non-bank financial sector, subject of today’s signed ToR, cooperation takes place in the field of revenue and customs administration, and public debt management. “All this is aimed at covering the whole public financial management cycle”, Minister Besimi said.

He expressed his gratitude for the implemented activities on behalf of the US Treasury already working in the Ministry of Finance, the Public Revenue Office and the Customs Administration, looking forward to continued and broadened support.

Upon signing the ToR in April last year, experts from the US Treasury have already started working in the field of budget policy, revenue and customs administration, public debt management, while the possibility of their involvement in creating economic policies and development is also under advisement. In the field of revenue and customs administration, the experts are working on strengthening the Customs Administration’s and the Public Revenue Office’s capacities as part of the reform and modernization efforts in both institutions.