North Macedonia begins review of 2027 budget with more than 300 amendments

The parliamentary Finance and Budget Committee has begun its second-reading review of the proposed 2027 budget. Authorized sponsors have submitted more than 300 amendments.

The committee’s proceedings will last 10 days. No more than four days have been allocated to the general debate, with six days set aside to consider the amendments.

Under the proposal, revenue will reach 395.4 billion denars, up 5.7 percent from 2026. Expenditure is projected at 440.4 billion denars, or 4.8 percent more. The budget deficit is estimated at 45 billion denars, equivalent to 3.5 percent of GDP, in line with the Fiscal Strategy for 2027–2031.

Capital expenditure is budgeted at 40.8 billion denars. Tax revenue is estimated at 223.1 billion denars, an increase of 6.4 percent. Social transfers are planned at 220.8 billion denars; of that amount, 123.8 billion denars is for pensions, an increase of 4.8 percent under the legally mandated adjustment.

During 2027, the state must repay 124.6 billion denars in debt, including 46.5 billion denars in external debt. Repayment is also planned for the 500 million euro Eurobond issued in 2023. The deficit and debt obligations are expected to be financed through domestic borrowing of 36.3 billion denars, an additional 60 billion denars for one-year government securities that must be repaid, and external borrowing of 86.8 billion denars.