Government in FYROM borrows again

Government in FYROM borrows again

The government of FYROM will take out a 60 million euro loan today. The ministry of Finance stressed that the loan will be issued by national banks and insurance companies and the purpose of the loan is to pay an old debt.

This is the second loan that the government takes out during the month of September.

Minister of Finance, Dragan Tevdovski said that until the end of the year, the budget will be funded through loans.

“During the first 100 days in office, 10 major changes have taken place: the budget was reviewed, non-productive expenses have been cut, there’s a bigger fiscal transparency, the distribution of funds has been analyzed, foreign debt has been managed and internal borrowing has been reduced”, minister Tevdovski said.

Meanwhile, opposition party, VMRO-DPMNE said that the new government led by Zoran Zaev has borrowed 350 million euros in the past 100 days, but that it hasn’t revealed where this money is going as there is no capital project. Meanwhile, FYROM’s public debt is over 5 billion euros. /