Macedonia borrows $180 mln to cover budget gap

Food

The Macedonian government on Wednesday started to borrow €138.4 million ($180 million) from domestic banks and funds to cover its budget deficit. Two million euros will be immediately used for repaying state bonds, while €136.4 million will be used for filling the budget gap. Macedonia initially tried to borrow €171 million but banks were no willing to lend such high amounts. The Ministry of Finance did not reveal how the rest of the gap of about €188 million would be covered. A deficit of €288 million is projected for 2013. Macedonia, with 2.1 million inhabitants, gained independence from former Yugoslavia in 1991. It has been continuously struggling with a high unemployment rate now at 32%. According to official figures, about 30% of Macedonians live in poverty.

ADVERTISEMENT

PMI rises to 57 in June Analysis

PMI rises to 57 in June

Lawmakers postpone expanded data provision for tourism secto... Parliament

Lawmakers postpone expanded data provision for tourism secto...

Tihamér Tóth appointed European Court judge Appointments

Tihamér Tóth appointed European Court judge

Budapest City Council to take out HUF 32 bln development loa... City

Budapest City Council to take out HUF 32 bln development loa...

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.