Page 133 - SE Outlook Regions 2024

The total revenues of the budget are projected to reach MKD310.1bn, constituting 31.6% of the GDP, which is a 10% increase from the previous year. Simultaneously, planned expenditures are set at MKD343.6bn, equivalent to 35% of the GDP, reflecting a 5.8% annual growth.
The proposed budget allocates MKD298.6bn for current expenditures, with a focus on sustaining the public sector, ensuring timely wage and pension payments, upholding social rights, and supporting various sectors, including agriculture, small and medium-sized enterprises, and innovative activities.
Additionally, targeted funds are earmarked to support vulnerable citizens and the economy.The overarching goals of the 2024 budget are accelerating economic growth, maintaining fiscal sustainability, and fulfilling financial commitments such as higher salaries, pensions, social rights, and support for enterprises, farmers and citizens.
For 2024, North Macedonia allocated over €700mn towards the execution of development initiatives and reforms. This funding includes €93.8mn from the World Bank earmarked for sustainability and resilience in development policies, and an additional €50mn from the French Development Bank dedicated to green and social investments.
The railway project connecting Corridor VIII to Bulgaria received significant financial support, with a total of €499mn contributed by the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and the European Union (EU). An additional €60mn were secured through the IPA programme.
North Macedonia's public debt during the third quarter of 2023 fell by 3.6% compared to the previous quarter to slightly over €8bn.
With the current registered level at 55.8% of GDP, North Macedonia's public debt has now reverted to its pre-2020 levels, and was down by 3.9 percentage points (pp) from the debt levels recorded in that year.
According to the finance ministry, public debt is anticipated to be on a moderate upward trajectory until 2024, primarily due to the repercussions of the crisis. Subsequently, in the post-2025 period, a decrease in the debt level is projected as a consequence of fiscal consolidation measures.
6.7 Budget and debt - Moldova
Moldova drew up its 2024 budget with fewer foreign loans and grants.
133 SE Outlook 2024 www.intellinews.com