The Executive Board of the International Monetary Fund has decided that the former Yugoslav Republic of Macedonia is expected to engage in post-program monitoring[1] with the Fund, following the expiration on January 18, 2013 of the two-year arrangement under the Precautionary and Liquidity Line (PLL) in an amount of SDR 413.4 million (about €473.9 million, or 600 percent of quota). The Board's decision was adopted on a lapse-of-time basis[2] on Friday, February 8.
The authorities have not sought a successor arrangement with the Fund upon expiration of the PLL. As of January 31, 2013, the former Yugoslav Republic of Macedonias outstanding credit to the Fund was SDR 197 million (about €225.8 million; 286 percent of quota). In such instances, it is expected that the Fund member will engage in post-program monitoring, and the authorities have expressed their willingness to do so.
Source: bne