Europe > Western Europe > Macedonia > Half of Macedonia's Firms Have Frozen Accounts

Macedonia: Half of Macedonia's Firms Have Frozen Accounts

2012/07/31

 

 

Half of Macedonia's Firms Have Frozen Accounts

According to Central Bank data, additional than 58,000 companies in May had their accounts frozen, which is roughly half of amount registered firms in Macedonia.

“In times of severe economic crisis and liquidity problems the government can help the majority,” said Mirce Cekredzi, the vice-president of Macedonia’s Association of Economic Chambers.

He urged the government to provide additional favourable credits for companies so that they can remain liquid and survive low request on the market.

The Finance Minister, Zoran Stavreski, before this month announced that the government had provided 100 million euro in loans for companies, but the Association says they will need additional.

A lot of businessmen say that the government should repay its own debts to private companies if it wants to help.

Although the government denies that it owes large sums to firms for commissioned but unpaid paid work, businessmen say off the record that these outstanding debts are a major factor in their liquidity problems.

The opposition Social Democrats last month claimed that the national debt to the private sector amounts to hundreds of millions of euros.

Companies face “chronic liquidity problems” and there are no signs of change for the better, the association recently said.

As part of its effort to keep the economy going in times of crisis, the government last and this year increased spending on infrastructure.

However, the authorities have as well passed a law allowing them postponed payments for such work, and a lot of firms complain that this is unfair.

Macedonia has had a tough time this year. Amid shrinking exports caused largely by the European crisis, the government still hopes for 2 % increase in 2012. However, the IMF and the World Bank do not expect additional than 1 %.

In June, parliament adopted a government proposal to shave 5 % off the 2.7 billion euro budget, making gross savings of some €120 million.

The World Bank in its new statement predicts a difficult year for amount nations in the Western Balkans. The Bank forecasts shrinking economic activity generally, inclunding rising unemployment.

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