29th April 2025, Skopje – Budget is in excellent shape. The fiscal parameters are monitored on a daily basis, with expectations for attaining the projected 3.7% economic growth, Deputy Minister of Finance, Nikolche Jankulovski, highlighted in his TV 24 guest appearance.
“Budget condition is in sound financial standing. By 24th April 2025, tax revenues have increased by approximately 30% compared to the first quarter last year. Total revenues are higher by 12% compared to the first quarter last year”, Deputy Minister said.
He stressed that the Budget condition is significant, as it reflects the expected growth and determines whether the projections will be met.
“Last year, we were presented with forecasts from our international partners—some were more pessimistic, others more optimistic, some were in line with ours, while others were quite different. Nevertheless, we managed to attain a solid economic growth. Unlike the situation we initially encountered along with the average growth of 2.4% in the first half of the year, we succeeded in achieving 3.2% growth by the fourth quarter. We maintained that same pace in the first quarter of 2025 as well. We appreciate the insights of our partners – the World Bank and the International Monetary Fund, as well as our National Bank, maintaining continuous communication therewith. We monitor the fiscal parameters on a daily basis, such as budget revenue collection, cutting of non-productive expenditures, foreign investments, support for domestic investments, and the overall impact of all these factors on the country’s economic growth.” I am certain that through hard work and sustained dynamics, we will manage to attain projected growth of 3.7%, Jankulovski stated,
thereby underlining the actual development component of the 2025 Budget.
“As regards capital expenditures, we have focused solely on actual investments, yielding tangible on-site results, while excluding transfers to ESM, transfers to public enterprises, and payments related to guarantees distress, which were previously included in an attempt to present a misleading capital expenditure execution. We have fulfilled all our plans through implementation of specific projects. The figure we present accurately reflects the amount spent. What we genuinely invest with the citizens’ money will be visible,” Deputy Minister said, thereby adding that the capital expenditure execution in the first quarter actually reflects the implementation of infrastructure projects with active work on the ground. He further noted that if guarantees such as those paid out last year were also taken into account, the level of capital expenditure execution in the first quarter of this year would have been even higher.
According to the Deputy Minister, the Government has a clear agenda for project implementation and expects higher execution in the second and third quarters of the year. He noted that the Hungarian Loan Facility is used by both companies and municipalities, which will also impact the economic growth.
“Out of 288 municipal projects, contracts have already been concluded for 251 projects, whereby the respective construction expansion will be launched soon. Our of these 251 projects, approximately 230 are focused on road infrastructure, which will unquestionably boost the economic growth. Additionally, two tranches totaling EUR 84.4 million have been disbursed from the Budget to the Development Bank, being afterwards transferred to the banks and companies as final beneficiaries. Third tranche is expected to be disbursed as well. These funds will be used to support the development of companies, which, in turn, will indirectly contribute to economic growth. “The announced investment cycle worth EUR 6 billion will be additional driving force therefor,” Jankulovski underlined.
