Dimitrieska Kocoska: Outgoing government continues to indebt the country with unproductive spending

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“The first auction of treasury bills for 2020 in the amount of 500 million denars with a maturity of 12 months held today at the Ministry of Finance is a new increase in public debt,” Deputy Finance Minister Gordana Dimitrieska Kocoska said at a press conference today.

According to her, the fact that the treasury bills have a maturity of 12 months clearly indicates that it is an ongoing financing of expenses.

– This outgoing government continues to indebt the country. It is more than obvious that today’s new borrowing will increase public debt, but what worries me most is the fact that we have borrowing again for unproductive spending, Dimitrieska Kocoska pointed out.

She noted that she was not informed about today’s borrowing and disagreed with it.

“Today we are indebted for some expenditure that will not have any impact on a better quality of life, today we indebted our children for things that will neither improve their lives nor improve the economy,” said Dimitrieska Kocoska.

Asked how much the net debt was with this debt in total, and how much money goes out for the disbursement, she said that there was no disbursement, and the net had 500 million of new debt.

Asked about the new Eurobond, she said that while it was a technical government they would not sign, explaining that in such a short period it would not be possible to look at all projects that would be funded by those funds.

– When we have a Eurobond we should be clear about what we owe, and we must always be guided by the fact that when we invest we need to know what we are investing in and what effects we have, whether we have added value to those capital investments or not. For a Eurobond that is a lot of money at stake it is not always that simple to issue, so it would certainly require a much deeper analysis, to look in more detail at all the projects that would be funded by those funds, and it is not possible to do so in such a short timeframe, said Dimitrieska Kocoska.

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