Mickoski pushes North Macedonia into a debt abyss: 4 billion euros in two years, claims Kuzeska

New borrowing, old justification and a bill that citizens will pay again. Bogdanka Kuzeska, spokesperson and member of the SDSM Executive Board, accused the Government of Hristijan Mickoski that in just two years it has dragged North Macedonia into a debt of four billion euros, without results that families, workers and young people can feel.

At the press conference Kuzeska said the Government approved new borrowing of 1.3 billion euros. According to her, with this amount the borrowing made over the past two years increases from 2.5 to four billion euros. She claims this represents 30 percent of the total public debt accumulated since the country's independence to date.

Billions of debt, but citizens do not see billions in results

The key question raised by the opposition is not whether the state should ever use loans, but what the public receives from each new borrowing. Kuzeska pointed out that the budget today amounts to around seven billion euros, almost twice the 3.5 billion euro budget in 2017, yet citizens are not living twice as well and do not see a corresponding number of capital projects.

According to the SDSM spokesperson, the Government has for weeks been borrowing tens and hundreds of millions of euros, while the budget deficit has continuously exceeded four percent of gross domestic product. She assessed that this is contrary to the legal maximum of three percent and demanded that the authorities publicly and in detail explain where every euro of the new loans will end up.

The opposition message is sharp: if the debt grows at a record pace, and there are no measures for higher wages, stronger public services and visible investments, then the borrowing cannot be presented as a success. Kuzeska claims that the empty coffers are forcing the Government to ask for money again and warned that future generations will repay today's decisions.

Mickoski: The money is for old debts and projects

Prime Minister Hristijan Mickoski replied that the new financing is intended to repay debts and Eurobonds inherited from the previous government, for capital investments and for current obligations. He noted that the state must repay a Eurobond of 700 million euros this year, 500 million euros in 2027 and another 700 million euros in 2028.

According to data from the Ministry of Finance published by Channel 5, at the end of June public debt amounted to 10.7 billion euros, or 58.8 percent of GDP. Compared to 2024, the nominal amount was higher by a little more than 1.1 billion euros, while the ratio to GDP was lower than the then 61.4 percent.

But this is precisely where the political line of clash remains. The Government talks about inherited obligations and development projects, while SDSM asks why, after so much borrowing, citizens do not see a better standard of living. When billions turn into debt, the public has the right to request a list of projects, deadlines, costs and measurable results.

Kuzeska said the authorities can no longer hide behind old debts while opening new ones. Her argument is that North Macedonia has not received an economic turnaround, but a debt bill that is growing faster than the hope that something substantial will change.

Photo: frame from the SDSM press conference