# North Macedonia financial stability and debt management

> Live situation record from CLSTR: https://clstr.news/situations/north-macedonia-financial-stability-and-debt-management
> Updated: 2026-09-02T17:36:51.000Z. Sources: 15. Developments: 4.

North Macedonia is managing its financial stability through international liquidity mechanisms and domestic debt restructuring. The European Central Bank (ECB) has approved the National Bank of North Macedonia’s access to the Eurosystem’s standing repo facility (EURREP), providing a permanent capacity of up to 50 billion euros to manage financing shocks.

Domestic debt management remains a point of intense political contention. As of late June 2026, total unpaid internal obligations reached approximately 692.5 million euros, split between the public and private sectors. Finance Minister Gordana Dimitrieska-Kochoška has defended the government’s fiscal strategy, dismissing opposition claims regarding a 1.3 billion euro increase in state debt as ‘funny mathematics’ and clarifying that debts held by the Public Enterprise for State Roads (JPDP) are part of the national strategy rather than central government debt.

Despite these fiscal disputes, the economy showed significant activity in the second quarter of 2026, with GDP growing by 4.3% compared to the previous year. This growth was largely driven by a 21.9% surge in construction and a 16.5% increase in gross investments. Prime Minister Hristijan Mickoski projected annual GDP growth between 3.5% and 4%, noting that the country’s economic activity is among the strongest in the region.

However, political tensions persist. The opposition SDSM continues to accuse the administration of ‘manipulating public debt figures’ and concealing the true state of the budget. They allege the country is heading toward a total debt of 12 billion euros and criticize the decision to take on 1.3 billion euros in new debt while attempting to hide the liabilities of state-owned enterprises.

## Timeline

### 2026-09-02: North Macedonia Finance Minister disputes opposition debt claims

Finance Minister Gordana Dimitrieska-Kochoška dismissed opposition claims of rising debt as ‘funny mathematics,’ while VMRO-DPMNE accused the ruling party of unprecedented state indebtedness.

4 sources. https://clstr.news/cluster/north-macedonia-finance-minister-disputes-opposition-debt-claims

### 2026-08-25: North Macedonia unpaid state obligations reach 692.5 million euros

North Macedonia's unpaid state obligations reached 692.5 million euros by June 2026, driven by rising debts in the public and private sectors, particularly within state railway and energy companies.

7 sources. https://clstr.news/cluster/north-macedonia-internal-debt-nears-700-million-euros

### 2026-08-11: North Macedonia increases domestic debt through new bond issuances

North Macedonia is issuing new state bonds and treasury bills to manage rising debt, with domestic debt increasing by nearly 540 million euros in one year amid concerns over budget deficits.

2 sources. https://clstr.news/cluster/north-macedonia-increases-domestic-debt-through-new-bond-issuances

### 2026-08-11: ECB approves 50 billion euro repo line for North Macedonia

The ECB has approved North Macedonia's access to a permanent 50 billion euro Eurosystem repo facility to enhance financial stability and euro liquidity.

3 sources. https://clstr.news/cluster/ecb-approves-50-billion-euro-repo-line-for-north-macedonia

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Cite as: North Macedonia financial stability and debt management. CLSTR, https://clstr.news/situations/north-macedonia-financial-stability-and-debt-management