28th May 2026, Skopje - This Government is fully committed to preserving stability of public finances, along with ensuring funds for the country’s development, Deputy Minister of Finance, Nikolche Jakimovski, pointed out in response to a question posed during parliamentary Q&A session. As he underscored, the Government is prudently managing the public debt, repaying the debt liabilities incurred by the previous Government in a timely manner, against the background of repaying the substantial due debt liabilities on the basis of prior borrowings.
“Last year we repaid the EUR 500 million Eurobond. This year, the EUR 700 million Eurobond falls due for repayment, with half already being repaid and the remaining portion scheduled for repayment in the course of June 2026. Between 2026 and 2031, the Government is obliged to repay a total of around EUR 9 billion as debt liabilities incurred by the previous Government on the basis of principal and interest, whereby public debt management requires utmost prudence, particularly given the perceived boundary of 60% of GDP”, Jankulovski said.
As he elaborated, between the second half of 2024 and the first quarter of this year, EUR 1.2 billion was provided solely for repaying the respective Eurobonds. This amount covers only principal and just one portion of the inherited debt liabilities. Furthermore, Jankulovski stated that beyond the debt liabilities, there are financial liabilities linked to projects and borrowing on the domestic market, emphasizing that the Government is securing funds not only for debt repayment, but also for supporting the economy and investing in municipalities.
In his address, he highlighted a comparison with the earlier period, stressing that public debt almost doubled between 2017 and the second quarter of 2024.
“In 2017, public debt stood at EUR 4.78 billion, rising to EUR 8.87 billion by the second quarter of 2024, nearly twice as high during your tenure”, Jankulovski said, further emphasizing that, unlike the previous government, this Government ensures continuous real economic growth.
“Over the past six quarters, average GDP growth has been around 3.5%, clearly indicating that the economy is advancing, the economic activity is expanding and growth is underpinned by investments and fiscal stability. This directly contributes to stabilizing the debt-to-GDP ratio, which is gradually declining and remains below the perceived boundary of 60%. Let me recall that between 2017 and end-2024 average economic growth accounted for merely 1.9% of GDP, despite the considerable rise in public debt. The claims that borrowings today are wasteful consciously disregard the fact that substantial liabilities, incurred by the previous Government, fall due in 2025 and 2026. Unlike before, these liabilities are now being repaid prudently, with the economy growing at over 3.5%”, Jankulovski said.
