Dimitrieska-Koçoska: Borrowing reduced to €150 million from the planned €250 million due to high interest rates

Gordana Dimitrieska-Koçoska, the finance minister, announced at a press conference presenting the second annual budget revision that the state borrowed €150 million two days ago. The amount was lower than the €250 million planned through the international bond market because of high interest rates.

The funds will be used to repay external debt: €100 million will go toward interest payments, while €54 million will be used to repay the principal.

The minister explained that, given market conditions, it was decided not to borrow the entire planned amount. She noted that French bonds were trading at interest rates above 5.4–5.5 percent, British bonds at above 6 percent, while the United States had borrowed the previous day at rates of 5.4–5.5 percent. According to her, markets are more volatile than before, so a smaller borrowing amount was chosen.

The government approved the second budget revision within a year, an event that rarely occurs in an economy. Dimitrieska-Koçoska said that the fuel situation required new forecasts to be prepared and the launch of some projects to be postponed.

The minister recalled that, while preparing the first revision in June, it had been expected that international markets would gradually stabilize. However, the geopolitical crisis escalated and energy prices continued to rise, prompting the government to propose concrete measures to limit the consequences for citizens and the economy, she said. /Telegrafi/