Foreign debt in FYROM amounts to over 5.5 billion Euros

Foreign debt in FYROM amounts to over 5.5 billion Euros

Skopje, July 3, 2013

The gross foreign debt in FYR Macedonia until the end of March has amounted to 5.5 billion Euros, informed the Popular Bank of Macedonia. The causes for the growth of this debt relate to the numerous loans taken by the government, while the debt of the private sector has not changed. Debt has grown by 333 million Euros as opposed to last year. In the past year there has been a constant growth of foreign debt. Economy experts say that the debt levels of the country are becoming worrying.

In the last week’s report, the International Monetary Fund has demanded for the government to reduce debt. IMF has demanded the government to follow the example of other countries and approve a short term strategy for the reduction of debt and fiscal stability. The government in FYROM has responded to the recommendations of IMF by stressing that the country falls into the category of those countries with small foreign debts and that the obligations toward creditors will be met without any problem in the future. /ibna/