Macedonia will benefit from the World Bank Group experts' expertise on sustainable debt resolution and non-performing loans management systems
Macedonia will benefit from the World Bank Group experts' expertise on sustainable debt resolution and non-performing loans management systems shared at the conference in Skopje, today.
The conference was co-hosted by IFC, a member of the World Bank Group, and the National Bank of the Republic of Macedonia. The Governor of the National Bank of the Republic of Macedonia, Dimitar Bogov, opened the conference, which was attended by the representatives of the Ministry of Finance, Ministry of Justice, Public Revenue Office, as well as representatives of the courts, commercial banks, and the local banking association.
Dimitar Bogov, Governor of the National Bank of the Republic of Macedonia, said: “… creation of an effective and efficient debt resolution system could not be realized without involvement of policymakers and regulators, and other relevant authorities.”
Participants at the conference had a chance to discuss issues and solutions relating to debt resolution and non-performing loans management in Macedonia with experts of the World Bank Group.
“The main objective of the conference was to share international experience and knowledge in the field of debt resolution strategies” said Zoran Martinovski, IFC Country Officer for Macedonia. “There is a wealth of experience in other European countries, which can be successfully replicated in Macedonia.”
Technical issues related to debt resolution, focusing on what policymakers can do to facilitate impaired loan resolution in the banking sector, were also discussed at the conference. Participants talked about the available debt enforcement mechanisms, procedures relating to restructuring and insolvency, potential sales of non-performing loans and tax implications, and various obstacles to effective debt resolution in the country.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. Working with private enterprises in more than 100 countries, IFC uses its capital, expertise, and influence to help eliminate extreme poverty and promote shared prosperity. In FY13, the IFC investments climbed to an all-time high of nearly $25 billion, leveraging the power of the private sector to create jobs and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.