The Ministry of Finance today published data on public and government debt for the second quarter of 2026. According to official figures, public debt stands at 58.8% of GDP, amounting to €10.726 billion in absolute terms.

Compared with the previous quarter, public debt fell by 0.1 percentage points, or by €21 million in absolute terms.

Meanwhile, the debt-to-GDP ratio in the second quarter of 2026 was 2.6 percentage points lower than at the end of 2024 and 0.6 percentage points lower than at the end of 2025.

During the second quarter of 2026, more than €300 million was paid to service part of the Eurobond. The Eurobond, with a total value of €700 million, was issued in 2020, while the bulk of it was repaid in the first quarter.

Finance Minister Gordana Dimitrieska-Koçoska said that public debt management had been successful so far.

“Public debt stood at 58.8% of GDP in the second quarter. Let us look at the level it reached in 2021 and where it stood in 2024. We managed all of this and brought matters under control. Believe me, it is not easy to operate with public debt hovering around 60% of GDP at all times and to fight to keep it from exceeding that threshold,” Dimitrieska-Koçoska told “RTVM.”

She said the borrowing limit, which in some cases is also viewed as a psychological threshold, may be exceeded, but stressed that the purpose of the funds and their impact on economic growth—which she said has continued in recent years—are particularly important./Telegrafi/

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The proposed supplementary revision of the 2026 Budget provides additional funds to accelerate capital investment, support agriculture and municipalities, and implement the Government’s development priorities. At the same time, it ensures the uninterrupted fulfillment of obligations arising from the law.

Finance Minister Gordana Dimitrieska-Koçoska presented the supplemented proposal to amend the 2026 Budget to MPs in Parliament. She said the planned measures aim to continue policies designed to maintain economic stability, foster development and ensure the responsible management of public finances.

According to the minister, the document includes both the measures proposed by the Government and the amendments adopted during its review by the relevant parliamentary committee. This further strengthens support for citizens and development-oriented policies.

Dimitrieska-Koçoska said the supplemented proposal for the 2026 Budget revision adjusts budget projections responsibly and in a timely manner to the new economic conditions. According to her, the document also guarantees the funds needed to meet legal obligations incurred in the meantime and to implement development priorities.

She explained that the changes enable the payment of increased salaries in sectors where pay rises have been planned, additional support for agriculture, greater funding for social protection and more resources for municipalities. The minister highlighted additional funding to accelerate the investment cycle and implement infrastructure projects as a key feature of the budget revision.

Although uncertainty in the global economy persists because of geopolitical developments, Dimitrieska-Koçoska emphasized that the Macedonian economy continues to demonstrate stability and resilience.

Gross domestic product is projected to record real growth of 3.5% in 2026. Investment is expected to be the main driver of economic activity, supported by the implementation of major infrastructure projects and capital investment at the central and local levels.

Projections foresee investment growth of 7.2% and an 8.3% increase in the average net salary. Unemployment is expected to fall further to 11%, while the employment rate is projected to reach 47%. Average inflation in 2026 is projected at 4.5%, driven mainly by external price pressures and geopolitical developments.

Particular attention was paid to the execution of capital expenditure. During the January–June period, it reached 19.4 billion denars, 53.5% higher than in the same period last year.

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At an extraordinary session held today, the Government approved a decision setting out the types of energy products, the timeframe and the method for calculating excise duty. The decision allows for a reduction in excise duty on petroleum products and, consequently, lower petrol and diesel prices. Finance Minister Gordana Dimitrieska-Koçoska announced the news in a post on her Facebook profile.

According to the finance minister, the Government continues to act proactively to address the consequences of the crisis in the Middle East. “We are closely monitoring the situation and responding in a timely manner, with the aim of protecting the economy and citizens’ standard of living,” she said in the post.

Dimitrieska-Koçoska said that adjusting the excise duty rate would help stabilise the prices of petroleum products, while also indirectly helping to maintain the stability of other prices.

“We will continue this responsible approach in the period ahead. We will monitor the situation and take timely, concrete and realistic measures to support the economy and citizens, with the aim of protecting living standards and safeguarding the economy, which has recorded a rapid growth trend since the beginning of our term,” the minister stressed.

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According to the Ministry of Finance, the new legal solutions affect the conditions for the establishment and operation of financial leasing providers, corporate governance, supervisory instruments, transparency of operations and the protection of financial leasing users. The new rules, it added, mean clearer contracts, the possibility of early repayment without additional costs, greater control over leasing companies and higher standards in the protection of users.

To strengthen transparency and user protection, the amendments clearly define the mandatory elements that every financial leasing contract must include, including all fees related to the lease. At the same time, they open the possibility for financial leasing contracts to be signed electronically as well, if the conditions are met under the provisions on electronic documents, electronic identification and confidential services, as well as under the rules on preventing money laundering, protecting personal data and other relevant provisions.

The changes also stipulate that the financial leasing user may repay the remaining obligations, in full or in part, at any time in accordance with the amortization plan, without additional costs. This also guarantees the right to a reduction in total costs for the remaining period of the contract.

User protection is also strengthened through the provision that the financial leasing provider may not use the subject of the financial lease as collateral without the user’s prior written consent. This consent must be given before a notary, in a separate document – a declaration – distinct from the financial leasing contract, with the general terms and a clear specification of the legal consequences of such consent.

Companies offering financial leasing will be required to publish their annual financial statements on their websites, together with the report and opinion of the certified auditor. In this way, both individuals and legal entities that use leasing will be able to form a clearer picture of the work of these companies before entering into a business relationship.

The amendments also strengthen supervision through improved misdemeanor provisions, while at the same time increasing the financial stability of financial leasing providers by raising the minimum basic capital value from 6,000,000 to 30,000,000 denars.

With the aim of strengthening the integrity of entities engaged in financial leasing, these amendments also implement the recommendations of the Council of Europe’s MONEYVAL Committee in the field of preventing money laundering and terrorist financing. They establish criteria for the suitability and reputation that must be met by the founders and members of the governing bodies of financial leasing providers, the Ministry of Finance said in a statement.

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According to her, this intervention is linked to the increased need to finance capital investments. At the same time, adjustments will also be made on the revenue side, especially in excise taxes, due to the measures taken on fuel in response to the crisis.

Asked about the cost of the measures, including the reduction of VAT and excise taxes on fuel, the minister said that excise taxes should be adjusted by around 1.5 billion denars. However, she stressed that at the moment it is difficult to make precise calculations.

“The thing I can say at this moment is that we will have a certain upward correction of the budget deficit and for the first time we will have an increase in the budget deficit as a result of the increased need to finance capital expenditures, namely capital investments, which I think, in accordance with the Budget Law, justifies the situation.

And at the same time, we also have certain corrections on the revenue side, in the excise tax segment, because of all those measures we had in the previous period,” Gordana Dimitrieska-Kochoska stated.

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