Skopje, 19 October 2022 (MIA) – We saved about EUR 40 million annually by securing funds at lower interest rates than the ones on the global capital market. We are working diligently so that we finance the deficit through lower interest. The budget deficit is to drop in 2023 and the new Law on Budgets prescribes strict fiscal rules according to which the deficit should not exceed three percent,” Deputy Finance Minister Filip Nikoloski told the ninth Erste Investors’ Breakfast on Wednesday. Deputy Minister Nikoloski said 2022 is a difficult year. “From the aspect of Budget financing, it was hugely important not only to select the creditor but also the terms involved. We carefully monitored the state of play on the financial market and we decided not to issue the Eurobond, which price back in the spring and now stands at 8 percent. Instead, we secured funds with an average interest rate of about 3.5 percent,” said Nikoloski. This includes the funds secured from the IMF’s Precautionary and Liquidity Line in the amount of EUR 530 million, the Sparkasse loan in the amount of EUR 50 million, the Deutsche Bank bond in the amount of EUR 250 million and funds from issuance of domestic securities.