2012年-CEPS欧洲政策研究中心_Developments_in_the_Agricultural_and_Rural_Capital_Market_of_the_Former_Yugoslav_Republic_of_Macedonia_21页_686kb

Summary of Developments in the Agricultural and Rural Capital Market of the Former Yugoslav Republic of Macedonia

Core Content

This paper provides an analysis of the rural capital market in the Former Yugoslav Republic of Macedonia (FYROM), focusing on the challenges and developments in agricultural and rural finance. It outlines the structural and institutional factors affecting the capital market and the impact of national, EU, and donor financial support on agricultural investment and rural development.

Main Objectives

• To conduct a qualitative and quantitative analysis of the agricultural capital market in FYROM.
• To evaluate the impact of national, EU, and donor financial programmes on the functioning of the capital market.
• To provide insights into the factors influencing the capital market and its role in promoting agricultural investment and rural development.

Key Challenges

• Urban-Rural Development Gap: The rural capital market is underdeveloped, limiting rural development opportunities.
• Legal Status of Agricultural Assets: A large share of agricultural buildings and real estate in rural areas are illegal, particularly on family farms.
• Limited Farmer Knowledge: Many individual farmers lack the knowledge and ability to access credit.
• High Interest Rates: The capital market is characterised by high interest rates due to low competition, with only a few large banks influencing rates.
• Institutional Constraints: The capital market is not well-functioning, affecting access to credit for small-scale farms and rural development projects.

Financial Support Mechanisms

• National Government Support: The Ministry of Agriculture, Forestry and Water Economy (MAFWE) provides budgetary support for agriculture and rural development.
• EU and Donor Funding: These funds are used to improve human resources and address the legal status of rural infrastructure.
• Programmes and Subsidies: Subsidies are given for crop and livestock production, as well as for rural development and infrastructure projects.
• Budgetary Allocation: In 2009, the MAFWE allocated €78.466 million in total support, with the largest share going to plant production and animal husbandry.

Financial Support by Sector

• Agricultural Subsidies (2009): €37.5143 million for plant production, €23.3840 million for animal husbandry, €0.8177 million for organic production, €0.4080 million for fisheries and aquaculture, and €1.0299 million for general measures.
• Unfulfilled Obligations: €0.6528 million was spent on obligations not fulfilled in 2008.

Programme Implementation and Funding

• Agricultural Support Programme (2009): Forecasted €61.464 million, with €66.334 million actually paid, indicating over-realisation.
• Rural Development Support Programme (2009): Forecasted €7 million, with €4.168 million paid, indicating under-realisation.
• Application Trends: The agricultural programme received more applications (101,680) than the rural development programme (2,333), with a higher percentage of funded requests for the agricultural programme (92%) compared to rural development (80%).

Macroeconomic Context

• Population and GDP Trends: The population slightly increased from 2008 to 2009, with GDP experiencing a decline in 2009 due to the global financial crisis.
• GDP per Capita: Increased from €2,025 in 2003 to €3,565 in 2011.
• Interest Rates: Lending rates for MKD credit were relatively high, with a slight decrease in 2011. Borrowing rates for foreign currency were lower.
• Exchange Rate: Remained stable around 61.27 MKD per € over the period 2005–2011.

Rural Capital Market Development

• Credit Access: Improving access to credit and capital for small-scale family farms and rural development is a key goal.
• Impact of Financial Instruments: Financial support and subsidies are aimed at increasing competitiveness, promoting modernisation, and improving productivity.
• Monitoring Systems: The use of information and monitoring systems for agriculture is increasing, contributing to better decision-making and resource allocation.

Conclusions

• The rural capital market in FYROM is underdeveloped and constrained by legal and institutional issues.
• National, EU, and donor financial support are crucial for improving the functioning of the capital market and promoting agricultural and rural development.
• The implementation of financial support programmes is uneven, with some areas overfunded and others underfunded.
• The paper highlights the need for improved knowledge, legal frameworks, and institutional capacity to enhance rural capital market performance and support sustainable agricultural development.