Deficit rises to a record EUR 920 million

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Macedonia this year will reach the historically highest record budget deficit which by the end of the year will amount to 920 million euros. Government expenditures increase dramatically while budget revenues are at the same level, they can even be said to have decreased.

The debate on the budget review in the Committee on Finance and Budget in the Parliament began on Thursday. With this budget review, which the second one this year, the expenditures in the annual budget with the new revised budget increase by 162 million euros, and the revenues remain at a similar level. Revenues are positioned at 196.4 billion denars, and expenditures are planned at 253 billion denars.

The government led by SDSM and Prime Minister Zoran Zaev is increasing the budget deficit to a record 920 million euros, or 8.4 per cent of GDP. To fill the newly created budget gap, the government will need to borrow additional 250 million euros. Government officials say the money will come from domestic borrowing.

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