13th July 2022, Skopje – Gradual fiscal consolidation, and reduced budget deficit, is what we strive fore despite the challenges the recent global economic crises entail. Budget deficit envisaged under the Supplementary Budget is lower in relation to the previous two years, with its gradual reduction to 2.8% in 2027, i.e. below the Maastricht criteria, envisaged under the Fiscal Strategy. During the commission debate about the 2022 Supplementary Budget at the Parliament, Minister of Finance, Fatmir Besimi, pointed out that the Government remains committed to the medium-term agenda to decrease the difference between budget revenues and expenditures, without thereby causing any negative effects on growth.
“2023-2027 Fiscal Strategy envisages gradual fiscal consolidation, with the budget deficit reduced as a percentage share of GDP as follows: 4.2% in 2023, 3.6% in 2024, 3.2% in 2025, 3.0% in 2026 and 2.8% in 2027. In the medium term, despite the present risks and uncertainty, fiscal policy will remain focused on further consolidation and restructuring of public expenditures, coupled with gradual reduction of the budget deficit and the public debt, boosting the economic activity through capital expenditures and infrastructure investments, as well as improving the doing business environment and job creation”, Besimi underlined.
2022 projected deficit and repayment of foreign debt principal in the amount of Denar 6.23 billion, as well as repayment of the domestic debt in the amount of Denar 5.54 billion, will be financed via borrowing on the international and the domestic market, while, given the prevalent economic and foreign and political developments, greater focus this year will be placed on borrowing on the international markets. Such commitment will provide for more funds from the domestic banking sector to be intended for the Macedonian economy, whereby, the country’s foreign exchange reserves will be additionally increased through the external financing sources.
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