Government announces an increase in public debt to 70% of GDP

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 Government officials have increasingly begun to publicize the thesis that if necessary, they will increase public debt by another 10%, which would amount to 70% of Gross Domestic Product. Unable to manage well the economic crisis caused by the coronavirus pandemic, the government will owe us another 10% of GDP if necessary, as they say.

This shows that the economic and financial situation in Macedonia is very bad, the state budget is empty despite the high indebtedness so far. It shows that also the measures that the government dimensioned did not target well so that they did not give the expected effect. Namely, Deputy Prime Minister for Economic Affairs Fatmir Bytyqi announced the possibility of increasing the public debt to the level of 70% of GDP a few days ago.

He admitted in the “The Art of Finance” show on Klan TV that it is true that the government led by SDSM, from the beginning of the year until now have increased the public debt by 10 percent which now amounts to 60% of GDP. For him, the criteria from, as some say, the Maastricht agreement on the level of public debt are not relevant, because this year the country is in an economic crisis.

Explaining the 10% increase in public debt, which in absolute numbers is more than one billion euros, Bytyqi said that it is not a large amount, comparing Macedonia with Belgium, which has a far more developed economy than us. And in our country, with the current economic crisis, the Macedonian economy is on the verge of collapse.

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