The Government is pleased with a new World Bank and IFC report, which finds that the Republic of Macedonia is once again among the ten economies that improved its business regulatory environment the most in the year from June 2012 to June 2013.

For fourth time in row during the seven-year-mandate of this Government  the Republic of Macedonia is on the list of 10 best reformers across the globe, Vice-Premier and FinMin Zoran Stavreski told a press conference on Tuesday.

The country has been the best in the Balkan region and better ranked than 19 EU member states, he said.

A new World Bank and IFC report finds that the Republic of Macedonia is once again among the ten economies that improved its business regulatory environment the most in the year from June 2012 to June 2013, implementing six regulatory reforms that make it easier for local entrepreneurs to do business. It is the fourth time since 2007 that Macedonia is recognized by Doing Business as one of the top ten economies of the world in terms of one-year improvements.

Macedonia made getting electricity easier by reducing the time required to obtain a new connection and by setting fixed connection fees per kilowatt (kW) for connections requiring a capacity below 400 kW, World Bank Office to Skopje said in a press release. It has also strengthened its secured transactions system by providing more flexibility on the description of assets in a collateral agreement and on the types of debts and obligations that can be secured. Investors’ protection was strengthened by allowing shareholders to request the rescission of unfair related-party transactions and the appointment of an auditor to investigate alleged irregularities in the company’s activities.

According to Doing Business report, Macedonia is also among the five economies that closed the gap towards the global good practices the most since 2005.

Indeed, in the areas of starting a business and getting credit, it is ranked among the top ten economies in the world. Yet, challenges persist, especially in the areas of enforcing contracts, trading across borders and registering property, where it is ranked 95, 89 and 84 respectively, out of 189 economies.

The 10 economies topping that list this year are (in order of improvement) Ukraine, Rwanda, the Russian Federation, the Philippines, Kosovo, Djibouti, Côte d’Ivoire, Burundi, Macedonia, and Guatemala.