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North Macedonia’s Ministry of Finance has announced a significant decrease in the country’s public debt at the end of Q1 2025, dropping to 57.7% of GDP. This marks a reduction of 4.7 percentage points compared to the end of 2024, amounting to €36 million less in absolute terms.
Finance Minister Gordana Dimitrieska-Kocoska described the data as “a direct confirmation” of the government’s ongoing fiscal consolidation efforts. “From 62.4% at the end of 2024, public debt has decreased to 57.7%, a result of targeted policies, reduced unproductive expenditures, and efforts to stimulate economic activity,” she said.
The minister reaffirmed the government’s commitment to maintaining a budget deficit within the 3% fiscal rule and keeping public debt under 60% of GDP, emphasizing the importance of dedication to revenue collection and expenditure control.
She also highlighted the government’s strategic focus on investments that drive long-term economic growth, leading to sustained debt reduction.
In addition to public debt, the Ministry reported that state debt has fallen to 50.1% of GDP, a drop of 3.7 percentage points since December 31, 2024. In absolute terms, the public debt stands at €9.58 billion, while state debt is €8.33 billion.
Notably, the government repaid a €500 million Eurobond during Q1 and made total external public debt payments of €679.4 million.
The Ministry publishes public debt data quarterly and state debt monthly, ensuring transparency in fiscal reporting.
This progress is a key step toward the government’s goal of responsible debt management, high capital expenditures, and long-term economic development.
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