Tevdovski: National debt will be much lower than that of former government

Tevdovski: National debt will be much lower than that of former government
With the new fiscal strategy, the national debt is projected to be significantly lower compared to that of the previous government. On average, Macedonia's public debt should decrease by about 3.5 percent each year, Finance Minister Dragan Tevdovski told Alsat-M TV.

"The October 2016 fiscal strategy of the previous government projected national debt of 53.1 percent for 2017.

"This government closed 2017 with national debt of 47.6 percent, a whopping 5.5 percentage points less," Tevdovski said.

"For the first time in eight years, we have a decrease in national debt.

"According to the former government, national debt for 2019 was projected to reach 56 percent, and even higher later.

"With the new fiscal strategy, the upper limit we are projecting is 54.8 percent of GDP in 2020, after which it should decrease."

“We are planning a gradual budget consolidation," Tevdovski added, "that will reduce the budget deficit to two percent of GDP in 2021."

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