26th November 2023, Skopje – 2024 Budget is tailored according to the “golden rule” of government spending – borrow only to invest. Projected capital expenditures amount to around Denar 45 billion, being higher by Denar 11.5 billion (EUR 187 million) compared to the budget deficit. On the other hand, budget deficit is reduced by almost one third compared to this year’s projections. Over the medium term, budget deficit is forecasted to drop below the Maastricht Criteria, Minister Fatmir Besimi emphasized in his latest column, dedicated to 2024 Budget.

Budget deficit is projected at 3.4% of GDP (being only half of the primary deficit, i.e. 1.7%% of GDP, while the other half thereof will be used for paying the interest on the debts accumulated from the previous years).  This is in line with medium-term projections under the 2024-2028 Fiscal Strategy, i.e. budget deficit is forecasted to drop to 3% in 2025 and 2026, as per the Maastricht Criteria, which is to be reduced to below 3% in 2027 and 2028, i.e. to 2.8% and 2.5% respectively.

“Development and sustainability are the two key words describing the 2024 Budget. 2024 Budget includes a development component, as a result of the strong infrastructure investment cycle which will continue next year as well. It is sustainable considering that, despite the sizable infrastructure component, we proceed further on the path to fiscal consolidation”, Minister of Finance pointed out.

Substantial investments are projected in the field of road infrastructure, related to the design process and the construction of Corridor 8, such as expansion of Tetovo – Gostivar highway, construction of new highway Trebenishta – Struga – Kjafasan and construction of Gostivar- Bukojchani section, as well as Corridor 10d, i.e. construction of Prilep – Bitola section, along with preparation of a feasibility study for construction of Tetovo – Prizren road. Reconstruction of eastern part of Railway Corridor VIII, Rankovce – Kriva Palanka Section, as well as section Kriva Palank to the border with Bulgaria, and construction of western part of Road Corridor 8, i.e. Kichevo – Bukojchani highway section, are planned to continue. Construction of Skopje – Blace highway section will proceed as well. It is also planned for the construction and reconstruction of eastern part of Railway Corridor 8 to continue, as is the construction of a joint railway border crossing with the Republic of Serbia. Funds are projected in the Budget for number of other capital projects in the field of utility infrastructure and waste management, energy efficiency, landscaping of technological industrial development zones, health and education sectors, childcare and sports, agriculture sector, as well as introduction of Tax Integrated IT System and Management Information System on State Aid, as part of SMART finance concept.

Оваа вест е достапна и на: Macedonian Albanian

Leave a Reply

Your email address will not be published. Required fields are marked *