Skopje, 29 October 2021 (MIA) – The public debt has dropped below 60 percent of the GDP in Q3, as prescribed by the Maastricht convergence criteria. The Ministry of Finance said on Friday that the public debt has decreased to 59.3 percent of the GFP as a result of the sound fiscal policy and proper management of public finance during the COVID-19 pandemic. The Ministry says the public debt has dropped by 3.8 percent in Q3 compared to Q2, standing at EUR 6,95 billion, down from EUR 7,38 billion. “The reduction is owed to the repayment of the EUR 500 million Eurobond issued in 2014. Despite the recession, the Government has successfully performed at the global capital markets and the funds for the repayment of the Eurobond were secured through the issuance of the Eurobond this March at a record-low interest of 1.625 percent. The Strategy for the Public Debt Management projects that the public debt would be stabilized by 2026, reducing to 57.7 percent, while the government debt to 50.7 percent. This is to be carried out through the Fiscal Sustainability Plan, which ensures gradual tightening of the budget deficit from 4.9 percent in 2021 to 2.2 percent in 2026, says the Ministry. It adds that all these moves focus on accelerated economic growth, with the GDP growth rate expected to double over the next five years. This means 5-percent growth rates by 2026 and investments estimated at EUR 12 billion, of which EUR 4 billion in the public sector and additional EUR 8 billion of generated private capital. The concept is set up in a way that it does not generate further debts and tax burdens on citizens, reads the press release.