SARAJEVO: North Macedonia's Finance Minister Fatmir Besimi hailed on Thursday a historically low interest rate of 1.625% achieved for the 7-year 700 million euro ($842.3 million) Eurobond the country launched on Wednesday mainly to repay outstanding debt.

"The bond is aimed to repay the maturing public debt ... and soothe the effects of the coronavirus crisis," Besimi said at a news conference carried live on Facebook.

He said that 500 million euros would be used to repay the Eurobond issued in 2014 that came with a 3.975% interest rate, while 200 million euros would cover budget spending aimed for economic and health measures planned to subdue the effects of the pandemic.

"This rate, compared with others in the region, shows that North Macedonia remains attractive for investors," he said, adding the demand had doubled the amount on offer.

North Macedonia's total public debt stands at 6.5 billion euros.