31st October 2023, Skopje – Public debt continues to decline. Recent data published today, covering third quarter in 2023, show 2.1 p.p. drop compared to the previous quarter and 3.9% compared to end-2022. Accounting for 55.8% of GDP, public debt got back to the level before 2020, i.e. it is even lower by 3.9% in relation to the public debt level in 2020.
“Maintaining public debt at a stable level and within the limits set under the Maastricht Criteria, in line with the new fiscal rules under the OBL, is and remains to be our crucial commitment to public debt management. Data announced by the Ministry of Finance, showing declining public debt from 59.7% of GDP in 2020 to 55.8% at the end of Q3 this year most accurately speak in favour thereof”, Minister of Finance, Fatmir Besimi, said.
He also added that this is especially important since public debt declined amid higher fiscal support, in the amount of EUR 2 billion, allocated to cope with the COVID-19 crisis, followed by the energy and price crisis, at the same time settling all liabilities on regular basis, including the prior debt. Hence, during this period, Eurobonds in the amount of EUR 1.220 billion were repaid.
Eurobond issued in 2016 in the amount of EUR 450 million was repaid in Q3 2023, i.e. liabilities on the basis of foreign debt amounting to around EUR 540 were repaid.
In addition to public debt, government debt also registered a decline of 2.2 p.p. at the end of the second quarter in 2023, accounting for 48.2% of GDP now.
As a Government and a Ministry we remain committed to prudent public debt management and maintaining it at a stable level. To remain committed to its prudent management and thereby continue its downward trend, we proceed with the implementation of the gradual fiscal consolidation plan and allocate Budget funds only for development projects and repaying prior debts at the lowest costs possible.
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