25th March 2025, Skopje – Public financial management plays a crucial role in supporting the national development, ensuring stability and predictability of the economy. Therefore, Ministry of Finance undertakes measures to address the challenges we face in public financial management, Deputy Minister of Finance, Nikolche Jankulovski said, attending the Panel Discussion hosted by PEMPAL, an organization dedicated to public financial management reforms.
As he said, the 2025 – 2028 PFM Reform Program is in its final stage of preparation, outlining measures and activities related to all key challenges concerning the public financial management.
The Program is a strategic document dedicated to development of the PFM system, envisaging continuation of the already commenced reforms. PFM Reform Program 2018-2021 was adopted at the end of 2017, introducing a first-ever comprehensive, consistent and credible framework on improving efficiency and effectiveness of public spending, fiscal discipline, debt sustainability, and efficient, transparent and modern public financial management, set as key objectives of the Government.
“Fiscal policy the Government conducts is aimed at restoring macroeconomic stability and supporting economic activity through gradual fiscal consolidation, improving public financial management and maintaining high level of capital expenditures. By adequately managing the public finances, 5% GDP growth can be attained, as well as budget deficit can be reduced to below 3% of GDP, gradually I would say.”
As he explained, the Government is dedicated to gradually reducing the budget deficit to below 3.0% of GDP, to be attained via higher capital investments in infrastructure projects, above all construction of transport and utilities infrastructure, investments in energy capacities, as well as in education and health infrastructure.
PEMPAL Panel Discussion, held in Vienna, is dedicated to new trends in public financial management. The events and activities PEMPAL organizes provide an excellent opportunity to exchange experience and seek practical solutions to the ongoing challenges pertaining to public financial management. More than 200 participants from around 30 countries, including the representatives of 21 PEMPAL members, attend the event, alongside Ministers of Finance, Deputy Ministers of Finance, experts, World Bank representatives, etc.
