27th June 2025, Skopje - The Budget is stable, the domestic market ensures liquidity, while the state responsibly manages citizens’ money, Minister of Finance, Gordana Dimitrieska-Kochoska, said at her guest appearance in the Win-Win TV show on Telma TV, addressing the questions regarding VAT refund, liquidity, public debt, and public finances.
“The role of the Minister of Finance requires a careful balancing act. On one hand, there are budget liabilities and existing debt that need to be serviced; on the other hand, the necessity to support citizens and businesses. But precisely for that reason, we pursue fiscal policy responsibly, with clear priorities and no improvisations,” the Minister said.
As she noted, a very cautious approach is taken regarding borrowing on international markets, with most of the budget financing being secured through the domestic market rather than by issuing a new Eurobond.
“In January we fully repaid a Eurobond of EUR 500 million – funds secured through external financing. However, for the rest of the year, according to the plan, we will close up the year by borrowing on the domestic market because, amid high interest rates on global markets, domestic financing is more cost-effective, flexible, and reliable. Moreover, by applying such an approach, we strengthen the domestic financial market and build trust in government securities,” Dimitrieska-Kochoska said, emphasizing that this does not mean the country lacks access to international markets.
“On the contrary. However, we prefer to approach these markets at a more opportune time, with a stronger position and under more favourable market conditions – when investors can recognize the stability and sustainability of the new Government’s economic policies,” the Minister said.
In response to comments about alleged delays in VAT refund, the Minister emphasized that the system maintains precise records and that no systemic issues exist.
“Companies entitled to VAT refund, having submitted the proper paperwork, do not experience delays. There are no instances where reputable companies, for which the Public Revenue Office has issued a payment order, have waited for six or nine months. If there is such a case – we will look into it. But we have to differentiate between a valid remark and an arbitrary generalization,” she said.
Regarding the transfer of part of the National Bank’s gains to the Budget, the Minister pointed out that this does not signify interference with its independence, but rather responsible use of public funds.
“The money – whether in the Budget, the National Bank, or a public enterprise – belongs to the citizens. We are merely managing them. So, if the National Bank has accumulated gain and reserves, I see no reason for the funds not to be deployed in service of the public interest. This is fiscal responsibility rather than a risk,” Dimitrieska-Kochoska concluded.
