Finance Think https://www.financethink.mk/en/ Economic Research & Policy Institute Thu, 19 Jun 2025 18:06:45 +0000 en-US hourly 1 https://wordpress.org/?v=6.7.1 https://www.financethink.mk/wp-content/uploads/2020/10/cropped-ft-favicon-01-32x32.png Finance Think https://www.financethink.mk/en/ 32 32 Finance Think at the OTT Conference in Johanesburg https://www.financethink.mk/en/finance-think-%d0%bd%d0%b0-%d0%be%d1%82%d1%82-%d0%ba%d0%be%d0%bd%d1%84%d0%b5%d1%80%d0%b5%d0%bd%d1%86%d0%b8%d1%98%d0%b0%d1%82%d0%b0-%d0%b2%d0%be-%d1%98%d0%be%d1%85%d0%b0%d0%bd%d0%b5%d1%81%d0%b1%d1%83/?utm_source=rss&utm_medium=rss&utm_campaign=finance-think-%25d0%25bd%25d0%25b0-%25d0%25be%25d1%2582%25d1%2582-%25d0%25ba%25d0%25be%25d0%25bd%25d1%2584%25d0%25b5%25d1%2580%25d0%25b5%25d0%25bd%25d1%2586%25d0%25b8%25d1%2598%25d0%25b0%25d1%2582%25d0%25b0-%25d0%25b2%25d0%25be-%25d1%2598%25d0%25be%25d1%2585%25d0%25b0%25d0%25bd%25d0%25b5%25d1%2581%25d0%25b1%25d1%2583 Thu, 19 Jun 2025 18:03:13 +0000 https://www.financethink.mk/finance-think-%d0%bd%d0%b0-%d0%be%d1%82%d1%82-%d0%ba%d0%be%d0%bd%d1%84%d0%b5%d1%80%d0%b5%d0%bd%d1%86%d0%b8%d1%98%d0%b0%d1%82%d0%b0-%d0%b2%d0%be-%d1%98%d0%be%d1%85%d0%b0%d0%bd%d0%b5%d1%81%d0%b1%d1%83/ The OTT Conference 2025 is currently taking place in Johannesburg, South Africa, from June 17–19. This global conference is dedicated to the think tank community, focusing on the impact of think tanks on policies, institutions, and societies.Finance Think is part of this international platform through the participation of our Executive Director, Blagica Petreski.

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🌐 The OTT Conference 2025 is currently taking place in Johannesburg, South Africa, from June 17–19.
🌍 This global conference is dedicated to the think tank community, focusing on the impact of think tanks on policies, institutions, and societies.
Finance Think is part of this international platform through the participation of our Executive Director, Blagica Petreski.

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The post Finance Think at the OTT Conference in Johanesburg appeared first on Finance Think.

]]> Blagica Petreski on current topics in Win-Win with Olivera Trajkovska https://www.financethink.mk/en/%d0%b1%d0%bb%d0%b0%d0%b3%d0%b8%d1%86%d0%b0-%d0%bf%d0%b5%d1%82%d1%80%d0%b5%d1%81%d0%ba%d0%b8-%d0%bd%d0%b0-%d1%82%d0%b5%d0%ba%d0%be%d0%b2%d0%bd%d0%b8-%d1%82%d0%b5%d0%bc%d0%b8-%d0%b2%d0%be-win-win-%d1%81/?utm_source=rss&utm_medium=rss&utm_campaign=%25d0%25b1%25d0%25bb%25d0%25b0%25d0%25b3%25d0%25b8%25d1%2586%25d0%25b0-%25d0%25bf%25d0%25b5%25d1%2582%25d1%2580%25d0%25b5%25d1%2581%25d0%25ba%25d0%25b8-%25d0%25bd%25d0%25b0-%25d1%2582%25d0%25b5%25d0%25ba%25d0%25be%25d0%25b2%25d0%25bd%25d0%25b8-%25d1%2582%25d0%25b5%25d0%25bc%25d0%25b8-%25d0%25b2%25d0%25be-win-win-%25d1%2581 Sun, 15 Jun 2025 11:07:32 +0000 https://www.financethink.mk/%d0%b1%d0%bb%d0%b0%d0%b3%d0%b8%d1%86%d0%b0-%d0%bf%d0%b5%d1%82%d1%80%d0%b5%d1%81%d0%ba%d0%b8-%d0%bd%d0%b0-%d1%82%d0%b5%d0%ba%d0%be%d0%b2%d0%bd%d0%b8-%d1%82%d0%b5%d0%bc%d0%b8-%d0%b2%d0%be-win-win-%d1%81/ ❗In its first year, the Government is showing a moderate pace in implementation, while some of the structural reform policies are in direct contradiction to the proclaimed goals.What has been achieved, what are the risks, and what are the expectations?Our very own @blagica_beba_petreski debated these questions on Win-Win with Olivera Trajkovska.Monitoring of government promises is […]

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❗In its first year, the Government is showing a moderate pace in implementation, while some of the structural reform policies are in direct contradiction to the proclaimed goals.
What has been achieved, what are the risks, and what are the expectations?
Our very own @blagica_beba_petreski debated these questions on Win-Win with Olivera Trajkovska.
Monitoring of government promises is supported by Civica Mobilitas.

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]]> Memorandum of Cooperation with the Ministry of Education and Science https://www.financethink.mk/en/memorandum-of-cooperation-with-the-ministry-of-education-and-science/?utm_source=rss&utm_medium=rss&utm_campaign=memorandum-of-cooperation-with-the-ministry-of-education-and-science Fri, 13 Jun 2025 11:31:40 +0000 https://www.financethink.mk/?p=15404 ✒️ Today, 13 June 2025, we established a framework for professional and analytical collaboration with the Ministry of Education and Science.The cooperation will focus on several key areas:✅ Preparation of analyses and proposals for improving education policies;✅ Support in developing indicators and mechanisms to monitor the effects of policies;✅ Exchange of data, information, research findings, […]

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✒ Today, 13 June 2025, we established a framework for professional and analytical collaboration with the Ministry of Education and Science.
The cooperation will focus on several key areas:
✅ Preparation of analyses and proposals for improving education policies;
✅ Support in developing indicators and mechanisms to monitor the effects of policies;
✅ Exchange of data, information, research findings, and expert opinions of mutual interest;
✅ Organization of events for public promotion and education related to educational challenges and solutions.

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]]> Results of Government’s promises monitoring presented at a press conference https://www.financethink.mk/en/results-of-governments-promises-monitoring-presented-at-a-press-conference/?utm_source=rss&utm_medium=rss&utm_campaign=results-of-governments-promises-monitoring-presented-at-a-press-conference Fri, 13 Jun 2025 10:39:42 +0000 https://www.financethink.mk/?p=15420 KOMPAS: Monitoring Government Promises 2024–2028How much progress has been made in fulfilling government promises in the first year of the mandate? 📊 Today we presented the findings from the first year of monitoring through the KOMPAS platform, which tracks 139 promises across five areas: socio-economy, education, healthcare, youth, and gender equality.🔗 The platform is available […]

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How much progress has been made in fulfilling government promises in the first year of the mandate?

📊 Today we presented the findings from the first year of monitoring through the KOMPAS platform, which tracks 139 promises across five areas: socio-economy, education, healthcare, youth, and gender equality.
🔗 The platform is available here 👉 https://kompas.financethink.mk/
📥 Read the full press release here 👉 https://shorturl.at/Z3JAn

Civica Mobilitas | MCEC – Macedonian Civic Education Center | Youth Educational Forum – YEF | Embassy of Switzerland in North Macedonia | Macedonian Medical Association

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]]> Moderate fulfillment of government promises, with substantial variation across sectors https://www.financethink.mk/en/%d1%83%d0%bc%d0%b5%d1%80%d0%b5%d0%bd%d0%be-%d0%b8%d1%81%d0%bf%d0%be%d0%bb%d0%bd%d1%83%d0%b2%d0%b0%d1%9a%d0%b5-%d0%bd%d0%b0-%d0%b2%d0%bb%d0%b0%d0%b4%d0%b8%d0%bd%d0%b8%d1%82%d0%b5-%d0%b2%d0%b5%d1%82/?utm_source=rss&utm_medium=rss&utm_campaign=%25d1%2583%25d0%25bc%25d0%25b5%25d1%2580%25d0%25b5%25d0%25bd%25d0%25be-%25d0%25b8%25d1%2581%25d0%25bf%25d0%25be%25d0%25bb%25d0%25bd%25d1%2583%25d0%25b2%25d0%25b0%25d1%259a%25d0%25b5-%25d0%25bd%25d0%25b0-%25d0%25b2%25d0%25bb%25d0%25b0%25d0%25b4%25d0%25b8%25d0%25bd%25d0%25b8%25d1%2582%25d0%25b5-%25d0%25b2%25d0%25b5%25d1%2582 Thu, 12 Jun 2025 11:00:43 +0000 https://www.financethink.mk/?p=15376 Press Release KOMPAS: Monitoring of Government Promises (2024-2028)   Finance Think, in partnership with the Macedonian Center for Civic Education, the Macedonian Medical Association, and the Youth Educational Forum, presents the upgraded monitoring framework KOMPAS for systematic tracking of the implementation of government promises for the period 2024–2028. This framework builds upon the previous version […]

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KOMPAS: Monitoring of Government Promises (2024-2028)

 

Finance Think, in partnership with the Macedonian Center for Civic Education, the Macedonian Medical Association, and the Youth Educational Forum, presents the upgraded monitoring framework KOMPAS for systematic tracking of the implementation of government promises for the period 2024–2028. This framework builds upon the previous version that mapped economic progress during the period 2020–2024.

The KOMPAS platform (https://kompas.financethink.mk) tracks the implementation of a total of 139 promises, distributed across five priority areas: socio-economy, education, health, youth, and gender equality.

Overall progress: Moderate fulfillment with significant differences across sectors

Of all the promises, 18 (13%) have been fully fulfilled so far, while 51 (37%) are in the direction of being fulfilled. The greatest progress has been made in the field of education, where 24% of the promises have been fulfilled and 70% are in the direction of being fulfilled. Next are socio-economic policies and youth policies, each with 9% of promises fulfilled. Implementation in the health sector shows a more moderate pace, with three promises fulfilled and five in direction of being fulfilled. The least progress has been observed in the area of gender equality, where there is neither an active nor fulfilled promise (Graph 1).

Graph 1: Fulfillment by area

Socio-economic policies: Partial progress, but with potential risks

Out of 43 mapped promises, 4 have been fulfilled and 12 are in direction of fulfillment. The fulfilled ones include: unchanged personal income and profit tax rates, non-taxed reinvested profits, and an increase in pensions by 5,000 denars. Those in direction of fulfillment mostly relate to stable finances contributing to macroeconomic stability such as GDP growth, inflation control, reduction of public debt and unemployment, increased investments, and new job creation.

From a fulfillment perspective, although the number of fully met promises is relatively small, the ones in direction of fulfillment are satisfactory. A greater cause for concern are the promises whose fulfillment is moving in the opposite direction, particularly as they represent key structural reforms. These include promises related to reducing the budget deficit below 3% of GDP, decreasing the grey economy, increasing productivity, supporting exports, and moderate wage growth in the public sector.

An additional challenge lies in aligning government priorities with the real needs and expectations of citizens. According to the latest research “What is key to improving quality of life?”, citizens identify that care services for the elderly and children (nursing homes and kindergartens) are considered insufficiently accessible and often expensive. Meanwhile, the quality of road infrastructure and public transport is rated the poorest. At the same time, the greatest support is given to promises for creating new jobs, capital investments, and expanding childcare capacities. On the other hand, support for increasing wages in public administration is low, with a high percentage expressing negative views, and the 16.8% increase in 2024 even exceeds the promised increase tied to economic growth.

In the upcoming period, it is necessary to maintain focus on the promises in direction of fulfillment, to complete them within a reasonable timeframe. Special attention should be given to promises that started positively by the end of 2024 but show risk of deviation in Q1 2025—such as inflation rate and stronger revenue collection in the state budget—as well as better alignment of government priorities with citizens’ expectations and real needs.

Education: Highest degree of implementation

Of 37 mapped promises, 9 have been fulfilled and 26 are in the direction of fulfillment, indicating strong activity dynamics. Promises that have been fulfilled or are in direction of being fulfilled include increasing the education budget (to 3.79% of GDP), revising the Basic Education Concept, support for successful schools, and expansion of educational inclusion measures. Although initial steps have been taken in higher education reform, implementation in this segment remains the weakest. Some promises, such as introducing the STEM concept and opening a teacher training center, have not yet been fulfilled. Some promises have not been transposed into the strategic documents of the Ministry of Education nor have been revised and reformulated to align with current policies, indicating the need for greater coherence between the Government Program and the system’s actual capacities. Still, the establishment of monitoring indicators is a positive step toward more efficient implementation tracking.

Health: Limited progress with important beginnings

Of 31 promises, 3 have been fulfilled and 5 are in direction of fulfillment. These include: increasing the capitation point for primary care doctors, abolishing economic director positions, and introducing nine new generic medicines to the positive list after a long time. The process of employing around 1,018 healthcare workers previously engaged under service contracts in public health institutions has begun. Although the process is ongoing, it faces some administrative challenges that are slowing it down. Procedures have also begun for employing private specialist doctors in public health. At the same time, projects are being implemented for renovating several health institutions and procuring new medical equipment for diagnostics and treatment in multiple health centers.

However, the challenges remain significant: fundamental reform of primary healthcare and other levels of the health system, regionalization of hospitals, shortage of medical staff, digital transformation, and establishing a sustainable system for long-term care. Additionally, citizen perceptions reveal significant misalignment between expectations and reality. Citizens report limited access to specialist healthcare, inadequate infrastructure quality, and high out-of-pocket costs for medicines and services. These findings suggest that health sector measures must be better aligned with citizens’ real needs, with a focus on improving accessibility, quality, and financial protection. The goal is to establish a modern, efficient, and sustainable health system with clear standards, improved infrastructure, and human resource capacity, which will meet citizens’ expectations and deliver quality healthcare at all levels.

Youth: Institutional progress, insufficient implementation of specific measures

Fifteen promises are being monitored, of which 2 have been fulfilled, 8 are in direction of fulfillment, and 5 have not been fulfilled. Although a new Ministry of Social Policy, Demography, and Youth has been established, along with a Center for Youth Research—representing significant institutional innovation—the announced specific promises, such as 250-euro vouchers for student electronic devices, a youth standard mobile app, or the “Buy a Home for Youth” project, have not yet been fulfilled.

On the other hand, initiatives have begun to renovate student dormitories and increase financial support for young farmers. These results point to the need for clear deadlines and strengthened institutional capacity. Furthermore, prioritization of measures should align with the real needs of citizens and youth, such as 80% support for improved housing conditions, 63% for the “Buy a Home for Youth” measure, and 73% for financial support to young entrepreneurs, among others.

The overall action is supported by the Government of Switzerland through Civica Mobilitas. Civica Mobilitas is a project of the Government of Switzerland, implemented by MCIC, NIRAS, and FCG. The views expressed herein do not necessarily reflect the positions of the Swiss Government, Civica Mobilitas, or the implementing organizations.

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]]> A study on productivity at the event of the Employers’ Organization https://www.financethink.mk/en/%d1%81%d1%82%d1%83%d0%b4%d0%b8%d1%98%d0%b0-%d0%b7%d0%b0-%d0%bf%d1%80%d0%be%d0%b4%d1%83%d0%ba%d1%82%d0%b8%d0%b2%d0%bd%d0%be%d1%81%d1%82%d0%b0-%d0%bd%d0%b0-%d0%bd%d0%b0%d1%81%d1%82%d0%b0%d0%bd-%d0%be/?utm_source=rss&utm_medium=rss&utm_campaign=%25d1%2581%25d1%2582%25d1%2583%25d0%25b4%25d0%25b8%25d1%2598%25d0%25b0-%25d0%25b7%25d0%25b0-%25d0%25bf%25d1%2580%25d0%25be%25d0%25b4%25d1%2583%25d0%25ba%25d1%2582%25d0%25b8%25d0%25b2%25d0%25bd%25d0%25be%25d1%2581%25d1%2582%25d0%25b0-%25d0%25bd%25d0%25b0-%25d0%25bd%25d0%25b0%25d1%2581%25d1%2582%25d0%25b0%25d0%25bd-%25d0%25be Wed, 28 May 2025 18:16:20 +0000 https://www.financethink.mk/%d1%81%d1%82%d1%83%d0%b4%d0%b8%d1%98%d0%b0-%d0%b7%d0%b0-%d0%bf%d1%80%d0%be%d0%b4%d1%83%d0%ba%d1%82%d0%b8%d0%b2%d0%bd%d0%be%d1%81%d1%82%d0%b0-%d0%bd%d0%b0-%d0%bd%d0%b0%d1%81%d1%82%d0%b0%d0%bd-%d0%be/ ✅ Today, at the event organized by @Organization of Employers of Macedonia – ORM, we presented the study📊 “Improving Business Productivity: A Comprehensive Analysis of Productivity and Its Drivers in Firms in North Macedonia” 📖🔍 The study offers an in-depth insight into the state of firm productivity through an analysis of total factor productivity.🎯 Key […]

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✅ Today, at the event organized by @Organization of Employers of Macedonia – ORM, we presented the study
📊 “Improving Business Productivity: A Comprehensive Analysis of Productivity and Its Drivers in Firms in North Macedonia” 📖
🔍 The study offers an in-depth insight into the state of firm productivity through an analysis of total factor productivity.
🎯 Key external and internal determinants of productivity have been identified.
The panel discussion enriched the event with views and perspectives from high-level representatives from the government, business sector, and academia:
🔹 Vladanka Trajkoska, President of ORM
🔹 Marjan Risteski, Deputy Minister for Economy and Labor
🔹 Angel Dimitrov, President of the Assembly of ORM
🔹 Assoc. Prof. Dr. Dejan Stankov, Director of the State Statistical Office
🔹 Sasho Klekovski, Director of the Health Insurance Fund of Macedonia
🔹 Dr. Daniela Bojadzieva, Faculty of Economics at UKIM
💡 The goal is to encourage the creation of effective policies and measures to boost productivity.
The study was prepared by Finance Think for the needs of ORM and financially supported by the International Labour Organization, Employment and Social Affairs Platform (ESAP) 3.

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]]> ‼ Check out our newest FT Opinion 64 on the borrowing from the #British government https://www.financethink.mk/en/%e2%80%bc-check-out-our-newest-ft-opinion-64-on-the-borrowing-from-the-british-government/?utm_source=rss&utm_medium=rss&utm_campaign=%25e2%2580%25bc-check-out-our-newest-ft-opinion-64-on-the-borrowing-from-the-british-government Thu, 22 May 2025 07:30:02 +0000 https://www.financethink.mk/?p=15260 ФТ Став бр. 64 за заемот од британската влада  

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ФТ Став бр. 64 за заемот од британската влада

 

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]]> ФТ Став бр. 64 за заемот од британската влада https://www.financethink.mk/en/ftstav64/?utm_source=rss&utm_medium=rss&utm_campaign=ftstav64 Wed, 21 May 2025 20:24:32 +0000 https://www.financethink.mk/%d1%84%d1%82-%d1%81%d1%82%d0%b0%d0%b2-%d0%b1%d1%80-64-%d0%b7%d0%b0-%d1%80%d0%b0%d0%bc%d0%ba%d0%be%d0%b2%d0%bd%d0%b8%d0%be%d1%82-%d0%b7%d0%b0%d0%b5%d0%bc-%d0%be%d0%b4-%d0%b1%d1%80%d0%b8%d1%82%d0%b0/ Според информациите споделени со јавноста, денес македонската влада склучи Договор за рамковен/отворен заем со британската влада, според кој на располагање за користење се ставаат 5 милијарди фунти во временски период од 10 години, со кои ќе се финансираат исклучиво капитални проекти. Тоа претставува, во просек годишно, 600 милиони евра, што е износ близок на годишниот […]

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]]> Според информациите споделени со јавноста, денес македонската влада склучи Договор за рамковен/отворен заем со британската влада, според кој на располагање за користење се ставаат 5 милијарди фунти во временски период од 10 години, со кои ќе се финансираат исклучиво капитални проекти. Тоа претставува, во просек годишно, 600 милиони евра, што е износ близок на годишниот буџетски дефицит во последните години (види График 1). Информациите кои се познати вклучуваат дека заемот ќе има грејс период за време на изведбата на проектот, а отплатата ќе отпочне откако капиталниот проект ќе биде ставен во функција. Останатите специфики на позајмувањето во моментот остануваат непознати; Finance Think ќе се произнесе дополнително како што нови информации стануваат достапни.

Извор: Министерство за финансии.

Целта на оваа анализа е да даде став за пошироките економски аспекти и реперкусии од ова стратешко партнерство со Обединетото кралство.

Продлабочувањето на економската соработка со Обединетото Кралство има суштинско значење за економскиот развој и интеграцијата на нашата земја во пошироките глобални економски текови. Историјата на билатерални односи со Обединетото Кралство веќе вклучува значителни елементи, како што се странските директни инвестиции од британски компании, кои придонесоа за отворање на нови работни места, трансфер на знаење и технологија, како и за подобрување на деловната клима во неколку сектори, вклучувајќи ги производството, енергетиката и услугите. Дополнително, трговската размена помеѓу двете земји покажува позитивен тренд, со зголемен извоз на домашни производи и услуги на британскиот пазар, а во рамки на склучениот Договор за слободна трговија по Брегзит. Оваа економска интеракција создава стабилна и продуктивна основа за понатамошно стратешко партнерство.

Алоцирањето јавни средства за стратешки инфраструктурни и капитални проекти претставува клучен двигател на одржлив и долгорочен економски раст. Ваквите инвестиции имаат мултипликативен ефект врз економијата – од една страна, тие го поттикнуваат растот на бруто-домашниот производ преку директно ангажирање на градежниот и сродните сектори, а од друга страна, поставуваат основа за зголемена продуктивност и конкурентност на долг рок. Инвестициите во железничката мрежа, на пример, не се само логистички подобрувања, туку и стратешки чекори за зголемување на регионалната поврзаност, ефикасноста на транспортот на стоки и луѓе, и интеграцијата со трансевропските транспортни коридори. Вложувањата во здравствени капацитети претставуваат суштински одговор на долгогодишните слабости во здравствениот систем, особено во делот на еднаков пристап до квалитетна здравствена заштита надвор од главниот град.

Сепак, од фискална гледна точка, ваквото отворено позајмување мора да се гледа во контекст на неколку клучни фискални ризици.

Секое задолжување ќе влијае врз зголемување на јавниот долг, барем на краток до среден рок. Нема економска логика да се аргументира дека јавниот долг не би пораснал. Доколку проектите кои се предвидени да се финансираат се веќе проектирани во Фискалната стратегија, тогаш во најдобро сценарио, јавниот долг не би пораснал повеќе од неговата проекција во Фискалната стратегија, но тоа не неопходно значи дека тој би се намалувал.

Сепак, според постојните плански документи, не сите инвестиции кои се најавуваат преку ова партнерство се веќе вклучени во планираните буџетски расходи. Така, на пример, единствено мапиран проект е Клиничкиот центар во Штип (Фискална стратегија, стр.42), додека најголемата инвестиција – новата железничка пруга долж Коридорот X – не е буџетски планиран проект (Фискална стратегија, стр.31). Ако овие проекти не се вклучени во постојните среднорочни буџетски проекции, нивната реализација ќе доведе до поголем дефицит од планираниот, а со тоа и до повисок јавен долг. Под претпоставка дека половина од просечниот годишен износ на британскиот заем би претставувал буџетски дефицит над проектираното ниво во Фискалната стратегија, јавниот долг во 2029 година би изнесувал 65.9% од БДП, наспроти моментално проектираните 62.2%. Види График 2.

Сценарио во кое британското финансирање е над износот на среднорочно-проектираниот буџетски дефицит крие опасности и е спротивно на заложбата за фискална консолидација.

Извор: Министерство за финансии и пресметки од Finance Think.

* Ревизија на проекциите согласно на остварувањата од датумот на Стратегијата за јавен долг (октомври 2024) до денес, и според наши моделски проекции за растот и инфлацијата.

** Овие пресметки вклучуваат и благо забрзување на растот на БДП поради проектите реализирани со Британскиот заем (кои без него не би биле реализирани).

Од друга страна, поволност произлегува од условите за финансирање. Доколку станува збор за проектно финансирање со релативно ниски каматни стапки и грејс периоди, тоа би било поповолно во однос на алтернативните извори на финансирање на буџетските дефицити, како еврообврзниците. Во сценарио на фискална консолидација и сведување на буџетскиот дефицит до 3% во следните 3-4 години, обемот на каматните плаќања би се намалил. Забележително е како тие во последните години драматично пораснаа, од 1.2% од БДП во 2018 на 1.9% во 2024 (види График 3). Сепак, ова нема да биде релевантно доколку британскиот заем се додаде на веќе-предвиденото буџетско финансирање преку повисока потреба од задолжување, со што кусокот повторно би се обезбедил од друг извор.

Ако британскиот заем е дополнување, наместо замена, на финансирање на буџетските дефицити од други извори како еврообврзници, тогаш нашиот каматен долг ќе продолжи да расте.

Извор: Министерство за финансии.

Оттука, додавањето на финансирањето со британскиот заем на веќе-проектираниот среднорочен буџетски дефицит претставува сериозен извор на фискален ризик. Од друга страна, доколку тој претставува финансирање во рамки на планираниот дефицит за следните три години, според предвидената фискална консолидација со Фискалната стратегија, ќе влијае особено поволно на јавните финансии и ќе даде значајна поддршка на фискалната консолидација. Ќе овозможи и постепено адресирање на суштинскиот проблем на структурниот буџетски дефицит во Северна Македонија, што беше идентификуван во нашата неодамнешна Студија за политиките 53: Фискална дисциплина и ефикасност на фискалните правила во Северна Македонија: патот кон одржливост. Сепак, адресирањето на структурниот буџетски дефицит бара консолидација и прудентност и на приходната и на расходната страна, преку борба со сивата економија, рационализација на непродуктивните расходи и раст на платите и пензиите според растот на продуктивноста, а не според изборните ветувања.

И да се гледа само низ призма на поволните услови, британскиот заем не смее да ги намали напорите за фискална консолидација и преку приходната и преку расходната страна на буџетот.

Од технички аспект, важно е да се напомене дека реализацијата на стратешкото партнерство ќе се судри со нашиот капацитет за реализација на капиталните проекти. Досегашното искуство покажува дека ова е особена слабост на македонскиот систем – реализацијата на капиталните расходи секоја година е под проектираното ниво. Вклучувањето британска експертиза во планирањето и имплементацијата може да ги олесни домашните административни и технички тесни грла, што би значело повисок степен на реализација на проектите. Во таа смисла, за партнерството да даде брзи опипливи резултати, клучно е договорот да предвиди посебни механизми за адресирање на домашните административни тесни грла – на пример, преку заеднички координативни тела, поддршка за техничка експертиза или учество во директна имплементација на проекти. Но, помало вклучување домашни подизведувачи може да ги намали краткорочните ефекти од овие средства врз БДП.

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]]> In „Otvoreno“ on TV 24, Blagica Petreski speaks on current economic topics https://www.financethink.mk/en/%d0%b2%d0%be-%d0%be%d1%82%d0%b2%d0%be%d1%80%d0%b5%d0%bd%d0%be-%d0%bd%d0%b0-%d1%82%d0%b2-24-%d0%b1%d0%bb%d0%b0%d0%b3%d0%b8%d1%86%d0%b0-%d0%bf%d0%b5%d1%82%d1%80%d0%b5%d1%81%d0%ba/?utm_source=rss&utm_medium=rss&utm_campaign=%25d0%25b2%25d0%25be-%25d0%25be%25d1%2582%25d0%25b2%25d0%25be%25d1%2580%25d0%25b5%25d0%25bd%25d0%25be-%25d0%25bd%25d0%25b0-%25d1%2582%25d0%25b2-24-%25d0%25b1%25d0%25bb%25d0%25b0%25d0%25b3%25d0%25b8%25d1%2586%25d0%25b0-%25d0%25bf%25d0%25b5%25d1%2582%25d1%2580%25d0%25b5%25d1%2581%25d0%25ba Wed, 21 May 2025 07:29:27 +0000 https://www.financethink.mk/%d0%b2%d0%be-%d0%be%d1%82%d0%b2%d0%be%d1%80%d0%b5%d0%bd%d0%be-%d0%bd%d0%b0-%d1%82%d0%b2-24-%d0%b1%d0%bb%d0%b0%d0%b3%d0%b8%d1%86%d0%b0-%d0%bf%d0%b5%d1%82%d1%80%d0%b5%d1%81%d0%ba/ https://www.facebook.com/24vesti.mk/videos/545215451784353

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The post In „Otvoreno“ on TV 24, Blagica Petreski speaks on current economic topics first appeared on Finance Think.

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]]> The Ambassador of Kazakhstan visits Finance Think https://www.financethink.mk/en/%d0%b0%d0%bc%d0%b1%d0%b0%d1%81%d0%b0%d0%b4%d0%be%d1%80%d0%be%d1%82-%d0%bd%d0%b0-%d0%ba%d0%b0%d0%b7%d0%b0%d1%85%d1%81%d1%82%d0%b0%d0%bd-%d0%b2%d0%be-%d0%bf%d0%be%d1%81%d0%b5%d1%82%d0%b0-%d0%bd%d0%b0-fi/?utm_source=rss&utm_medium=rss&utm_campaign=%25d0%25b0%25d0%25bc%25d0%25b1%25d0%25b0%25d1%2581%25d0%25b0%25d0%25b4%25d0%25be%25d1%2580%25d0%25be%25d1%2582-%25d0%25bd%25d0%25b0-%25d0%25ba%25d0%25b0%25d0%25b7%25d0%25b0%25d1%2585%25d1%2581%25d1%2582%25d0%25b0%25d0%25bd-%25d0%25b2%25d0%25be-%25d0%25bf%25d0%25be%25d1%2581%25d0%25b5%25d1%2582%25d0%25b0-%25d0%25bd%25d0%25b0-fi Fri, 25 Apr 2025 14:10:02 +0000 https://www.financethink.mk/%d0%b0%d0%bc%d0%b1%d0%b0%d1%81%d0%b0%d0%b4%d0%be%d1%80%d0%be%d1%82-%d0%bd%d0%b0-%d0%ba%d0%b0%d0%b7%d0%b0%d1%85%d1%81%d1%82%d0%b0%d0%bd-%d0%b2%d0%be-%d0%bf%d0%be%d1%81%d0%b5%d1%82%d0%b0-%d0%bd%d0%b0-fi/ Today at Finance Think, we had the honor of hosting the Ambassador of the Republic of Kazakhstan, H.E. Satybaldy Burshakov, along with Counselor Mr. Kairat Akhmetalim. The visit aimed at gaining deeper insights into the Embassy’s activities in the fields of economy and energy, as well as presenting our work and #research focus. We discussed […]

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🇰🇿 Today at Finance Think, we had the honor of hosting the Ambassador of the Republic of Kazakhstan, H.E. Satybaldy Burshakov, along with Counselor Mr. Kairat Akhmetalim.

The visit aimed at gaining deeper insights into the Embassy’s activities in the fields of economy and energy, as well as presenting our work and #research focus.

We discussed opportunities for future #collaboration and exchange of experiences, driven by a shared ambition to strengthen the economic ties between the two countries.

#FinanceThink #internationalcooperation #Kazakhstan #economy

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