The government plans budget deficits of 3.2% of GDP in 2015 and 2.6% of GDP in 2016, according to the newly prepared draft fiscal strategy 2014-2016, published on the website of the country’s parliament. Budget revenues are seen at 32.5% of GDP in 2015 and 31.8% of GDP in 2016, down from 33% in 2014. The fiscal strategy projects economic growth of 3.8% in 2015 and 4.5% in 2016.
According to the strategy, repayment of foreign debt will amount to MKD 9.1bn (EUR 148mn) in 2014. It will peak at MKD 20.4bn in 2015, and then it will drop to MKD 13.7bn in 2016. Domestic debt repayment in 2014, 2015 and 2016 is seen at MKD 1.7bn, MKD 6.9bn and MKD 6.3bn, respectively. The strategy envisages increasing the maturity of the domestic debt portfolio through the issuance of 2-, 3-, 5-, 7- and 10-year T-Bonds.
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