Skopje, 11 March 2025 (MIA) - Minister of Finance Gordana Dimitrieska Kochoska said Tuesday she believes the country is moving towards a fiscal consolidation faster than what was planned in 2024. She noted the budget deficit is still projected at over 3 percent, while public debt is currently below 60 percent. 

The Minister highlighted her “excellent” cooperation with the Fiscal Council, adding she welcomes their suggestions which, she said, very often align with her conclusions.

“Generally, in terms of certain fiscal risks noted by the Council, we also agree that they exist and as a result we implement measures to deal with them. The fiscal strategy that was drafted by the Ministry of Finance in September 2024 was aimed at fiscal consolidation that cannot be achieved overnight since if you’ve had excessive spending and violations of these rules over a longer period, it takes time to implement that fiscal consolidation,” Dimitrieska Kochoska stressed. 

The head of the Fiscal Council, Gligor Bishev, stressed that the country is largely aligned with the EU in terms of the legislation, but there is still work to be done on the implementation.

“We are making use of the best practices and experiences from the EU countries, we managed to constitute and provide the appropriate opinions on key documents for the fiscal policy. Our 2022 Law on Budgets that foresees [the establishment of] the Fiscal Council and fiscal rules also includes the latest recommendations that are key for EU member states. We need to work on their implementation and promote fiscal policies to ensure macroeconomic stability and economic growth. In terms of the legislation, we are largely aligned with the EU, we just need to establish the capacity of people that will be able to draft appropriate analyses, views, monitor macroeconomic movements and projections, and note potential risks to the Government and the Ministry of Finance,” Bishev stressed. 

Bishev noted that fiscal bodies are seen as independent bodies which in the longer term need to create a more objective assessment over potential risks than the governments which “are composed of political parties and have shorter-term perspectives”.

The Minister and Bishev participated in the conference “Fiscal Management in the European Union and the Role of Fiscal Council", organized by the Fiscal Council and the World Bank. 

Photo/Video: MIA