Over €700 million overdue by September 2026 — rail firms, ESM and Oncology Clinic lead the list

More than €700 million in overdue and unpaid liabilities are recorded for public bodies, state companies, municipalities and ministries as of September 2026, according to the latest dataset published by the Ministry of Finance. An additional €220 million is scheduled to fall due by the end of 2026.

Who tops the list of debtors

The total is about €100 million higher than at the same point last year: third-quarter figures for 2025 showed roughly €600 million of overdue obligations. At the top of the Ministry of Finance register are the railway companies and the national power producer.

Macedonian Railways – Infrastructure holds first place, with unpaid liabilities exceeding €90 million as of September 2026. Macedonian Railways – Transport follows with a somewhat smaller balance. The largest electricity producer, ESM, is third on the list, carrying about €40 million in overdue obligations. The Oncology Clinic is named among the largest single debtors, with roughly €30 million outstanding.

The finance list also highlights three district heating companies linked to ESM, which have asked the energy regulator for a fresh tariff rise because of higher gas costs. Among municipalities, Gostivar, Tetovo, Saraj and Karposh appear with the largest arrears. Water and sewerage companies and Skopje Public Transport (JSP) are also included; JSP’s overdue liabilities stood at more than €9 million at the end of September.

The full register runs to nearly thirty pages and includes ministries, almost all municipalities, the City of Skopje, numerous public and state enterprises, schools, Macedonian Radio Television and many other institutions.

Debts listed arise from a variety of causes: unpaid wages, social contributions, interest, purchases of furniture and vehicles, contracted services, temporary staff, subsidies and similar obligations.

Public sector analysts have repeatedly warned that these accumulated arrears are a problem for the state. They argue the issue stems less from incompetence and more from misuse. Experts also note that when debt rises at a single enterprise, authorities often do nothing until the company’s operation is jeopardised. The Fiscal Council has warned that if these overdue liabilities were added to the official public debt tally, the country’s total indebtedness would be significantly higher.

Photo: press material from the event