10th September 2026, Skopje - The global environment remains exceptionally complex. Geopolitical uncertainty, higher energy prices, constraints in global trade, and tighter financial conditions result in direct consequences for the economies of the Western Balkans, while also weighing on the fiscal capacity to respond to each new shock,
as Minister of Finance, Gordana Dimitrieska‑Kochoska stated in her opening address at Ohrid 2026 Regional Conference.
“One of the most important lessons learnt from recent years is that fiscal space ought to be created before the need therefor arises. Fiscal resilience must be built before a crisis unfolds. It is established beforehand, through accountable public finance management, gradual deficit reduction, prudent public debt management, improved revenue collection, and more efficient public consumption. This is the approach the Republic of Macedonia pursues in its medium‑term fiscal policy”, Minister pointed out.
She added that, in times of continuous uncertainty and multipolar fragmentation, as well as rising public debt resulting from the fiscal support during the pandemic and the energy crisis, striking a balance between real needs and opportunities remains a key challenge for public finances. Therefore, the Government is pursuing a path of gradual and accountable fiscal consolidation, while remaining committed to addressing past difficulties in planning and managing public investments.
The Minister stressed that fiscal consolidation must not be confined to mechanical expenditure cuts, and that revenue collection efficiency should not result from increasing the burden on those who already meet their obligations on a regular basis.
She underlined that the economies in the region should aim for higher growth rates, which should not rely solely on consumption growth, but be driven by productivity. The Minister stressed that strong emphasis should be placed on strategic investments in infrastructure and energy, particularly in view of climate change, which has significantly affected European states this year.
“For the Western Balkan states, stability and growth are not mutually exclusive objectives. They must go hand in hand. Fiscal discipline does not preclude development. Investments do not imply a lack of awareness of debt. Social protection does not imply permanent increase in inefficient expenditures. If I were to summarize the policy we are pursuing in Macedonia, I would frame it around four principles: stability, resilience, investments, and productivity. Although some countries may still be outside the euro area, they are not disconnected from Europe’s economic reality. It is our responsibility to build public finances that are resilient enough to absorb shocks, yet sufficiently flexible to support development, Dimitrieska‑Kochoska emphasized, adding that we must create economies, which will not only respond to crises coming from outside, but will also foster their own growth potential.
