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In page Economy of North Macedonia:

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Successful privatization in 2000 boosted the country's reserves to over $700 million. Also, the leadership demonstrated a continuing commitment to economic reform, free trade, and regional integration. The economy can meet its basic food needs, and its coal and hydroelectric power needs, but depends on outside sources for all of its petroleum, natural gas, and most of its modern machinery and parts. Inflation jumped to 11% in 2000 largely due to higher oil prices,[citation needed] but the currency has calmed since the exchange rate was normalised when the EU Stabilisation and Association Agreement entered into force in 2004.