12th August 2024, Skopje – Today, the Parliament adopted the amended 2024 Supplementary Budget. Under the Supplementary Budget, total revenues are projected in the amount of Denar 318.2 billion, being higher by 2.6%, i.e. by around Denar 8 billion, compared to the initial 2024 projections. Total expenditures are projected in the amount of Denar 362.8 billion, being higher by 5.6%, i.e. by around Denar 19.2 billion, compared to the initial 2024 projections. The deficit, on the basis of the revised revenue and expenditure projections, is projected in the amount of Denar 44.7 billion, increasing from the initially projected 3.4% to 4.9% of GDP.
As the Minister of Finance, Gordana Dimitrieska-Kochoska, pointed out when elaborating on the amended Supplementary Budget, it is an attempt of the new Government to ensure liquidity for regular servicing of all liabilities by the end of the year, at the same time allowing for normal functioning of the institutions and implementation of the projects already in progress.
“With the Supplementary Budget, we are rectifying the failures in the initial Budget, such as insufficiently projected funds for exercising rights envisaged under the law, funds for servicing arrears and funds aimed at supporting the economy. This implies providing funds for regular payment of wages, which are to be adjusted in September as per the Law, regular payment of pensions and fulfilling the promise we made in the pre-election period for linear increase of pensions in September, settling arrears and not delaying the process, since this is what the business sector needs, with Denar 6 billion being injected in the economy in addition to the announced favourable loan, by employing these funds in implementation of projects at local level, all being components of our efforts to underpin the economy, which, as data indicate, registered weak performance in the first half of this year”, Minister of Finance said.
According to the Minister, the Supplementary Budget does not fully reflect this Government’s policies, but it is rather the most optimal way to rectify the failures and, in a manner of speaking, to communicate the course of the fiscal policy in the coming period.
Under the Supplementary Budget, additional Denar 4.2 billion is provided for payment of wages, as well as Denar 5.1 billion for payment of pensions, Denar 800 million for payment of guaranteed minimum income, Denar 1.7 billion for health care, Denar 1 billion for TIDZ financial support, Denar 1.7 billion for agricultural subsidies, Denar 437 million for student meals and Denar 207 million for scholarships, Denar 300 million for block grants, additional Denar 0.8 billion for payment of interest to domestic and foreign creditors, Denar 5.1 billion for settlement of liabilities on the basis of issued guarantees which the enterprises are to repay to the state Budget successively by the end of 2024.
Denar 6 billion is also provided for local infrastructure projects, with capital expenditures amounting to Denar 44.7 billion, intended for investments in reconstruction and modernization of public health institutions, capital investments in the field of education, child care and social protection, road, rail and utilities infrastructure, fulfillment of the agreements in the field of defense and security, as well as rural development.
Under the Supplementary Budget, economic growth is revised to 2.1% from the previously projected 3.4%, with the inflation rate forecasted at 3.5%.
