26th December 2024, Skopje – All public investments exceeding Denar 120 million or EUR 2 million will undergo a screening process by the Ministry of Finance, followed by their approval by the Government, all to the end of overcoming emerging issues during the course of their implementation, as foreseen under amendments to the Organic Budget Law, in support of designing implementable projects, Minister of Finance, Gordana Dimitrieska-Kochoska, announced in her TV 21 guest appearance, thereby stressing the justifiable termination of numerous projects inherited from the previous Government.
“Unfortunately, many of the inherited projects, which implementation was anticipated, are being terminated due to objective reasons. For example, an agreement is being terminated due to detected forged bank guarantee”, the Minister said, adding that certain projects are being carried out with intensified dynamics.
It is expected for the execution of capital expenditures at the end of the year to amount to around EUR 550 million, i.e. accounting for approximately 70% of the projections, thereby stressing that what is important is that the capital expenditures are actually executed.
“In 2021, capital expenditures were executed in the amount of EUR 400 million, amounting to EUR 450 million and EUR 700 million in 2022 and 2023 respectively. However, as regards 2023, the capital expenditures also incorporated the transfers to AD ESM (Power Plants of North Macedonia), wherefrom wage payments and advance payments for certain projects were made. This year will round up with capital expenditures in the amount of around EUR 550 million, given it is a matter of capital investments actually implemented”, the Minister underscored.
The Budget is executed in line with the projections. “PIT revenues will be collected as projected, with VAT revenues overperforming, and CIT revenue collection accounting for 98% to 99% of the projections. Revenues generated on the basis of contributions will account for 100% of the projections, with the budget deficit being lower”, Dimitrieska-Kochoska highlighted.
She thereby indicated that there will be no tax policy changes, apart from CIT alignment with the global minimum corporate income tax.
According to the Minister, actions should be taken so as to improve the living standard of the citizens as a whole, covering not only wage and pension increase, but also improvement of the conditions in the field of education, healthcare, infrastructure and others.
“Public sector wages will be aligned as per the legal regulations, with funds being projected therefor. As regards the collective agreements, only budget users having already projected funds for wage increase within their approved budget limits can sign the respective agreements”, the Minister clarified.
She also reflected on the use of the Hungarian Loan Facility, intended for both the municipalities and the private sector. She pointed out that, at the end of November, the Government adopted a decision on the conditions for making the funds available to the private sector, while awaiting for the Development Bank to finalize the product, so as for the commercial banks to make them available to the final beneficiaries.
With respect to the funds intended for the municipalities, she stated that the process advances as planned, and they are already being transferred for projects the implementation of which delivers visible effects.
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