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North Macedonia financial stability and debt management

Updated 5 times since CLSTR started tracking revisions of this situation.

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2026-09-05 12:35 UTC → 2026-09-05 23:28 UTC · added removed

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 has become 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 sector (344.5 million euros) and the private sector (315.2 million euros). Major contributors include state railway companies MŽ Infrastructure and MŽ Transport, alongside public health institutions. In response to rising fiscal pressures, sectors. Finance Minister Gordana Dimitrieska-Kochoška confirmed the government is considering a new 1.3 billion eurobond to refinance existing debts and address a 3.5 percent budget deficit. The Minister has dismissed defended the government’s fiscal strategy, dismissing opposition claims regarding a 1.3 billion euro increase in state debt as ‘funny mathematics,’ mathematics’ and clarifying that debts held by the Public Enterprise for State Roads (JPDP) are part of the national fiscal 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 have escalated. persist. The opposition VMRO-DPMNE has accused the ruling SDSM continues to accuse the administration of indebting ‘manipulating public debt figures’ and concealing the country excessively, alleging that annual interest payments have tripled. Further allegations from SDSM Executive Board member Simona Cvetanovska suggest true state of the administration is leading budget. They allege the country is heading toward a total debt of 12 billion euros and is ‘manipulating public debt figures.’ Cvetanovska specifically challenged criticize the exclusion of 350 million decision to take on 1.3 billion euros in debt held by the Public Enterprise for State Roads (JPDP) from public new debt calculations, asserting that while attempting to hide the JPDP is facing collapse and is being kept operational through urgent loans from other state institutions. liabilities of state-owned enterprises.

Versions

  1. 2026-09-05 23:28 UTC North Macedonia financial stability and debt management
  2. 2026-09-05 12:35 UTC North Macedonia financial stability and debt management
  3. 2026-09-03 13:57 UTC North Macedonia financial stability and debt management
  4. 2026-08-26 13:43 UTC North Macedonia financial stability and debt management
  5. 2026-08-25 10:35 UTC North Macedonia financial stability and debt management
  6. 2026-08-11 10:10 UTC North Macedonia financial stability and debt management

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