World Bank Supports Stronger Corporate Financial Framework in Macedonia

Contacts

In Skopje:   Jasminka Varnalieva +389 2 3117 159, jvarnalieva@worldbank.org; 

In Brussels: Erik van der Plaats + 32 2 504 0997, evanderplaats@worldbank.org

In Washington: David Nagy +1 202 458 7511, dnagy@worldbank.org

			Interviews: > John Hegarty > David Nagy
			> Macedonian Country Strategy and Action Plan

“Macedonia seeks to mitigate the risk of financial crises and foster private and financial sector development with a high-quality corporate financial reporting framework,” explained David Nagy, World Bank Consultant. “Without reliable and high-quality financial statements, a market economy cannot work efficiently. If markets cannot work efficiently there is less or no economic growth, which results in less or no poverty reduction.”

The strategy was developed by the Macedonian Steering Committee, established in 2005 and comprising key public and private sector stakeholders with an interest in corporate sector financial reporting. The World Bank supported Macedonian reform in the context of the Road to Europe – Program of Accounting Reform and Institutional Strengthening (REPARIS), as well as assisted the Macedonian Steering Committee in its drafting of the Action Plan, which aims to implement the World Bank’s ROSC recommendations. The Government of the Republic of Macedonia during its session held on August 9, 2006, adopted this Country Strategy and Action Plan.

“The implementation of the Action Plan will align the Macedonian financial reporting framework and practices with international standards and practices and the relevant portions of the European Union’s body of law related to corporate financial reporting,” says Erik van der Plaats of the Joint World Bank - European Commission Office.

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For more project information, please visit the project website:

http://www.worldbank.org/eca/macedoniacap