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In
One
Year
Macedonia’s
Debt
has
Increased
by
80
Million
Dollars
Reality
Macedonia
(Jul
15,
2004) (By
Nena
Nineska-Fidanoska) -
Macedonia’s
foreign
debt
in
only
one
year
has
increased
by
80
million
dollars.
Even
though
the
level
of
debt
is
currently
1.8
billion
dollars,
the
situation
is
still
treated
as
normal
by
the
monetary
and
executive
powers
of
Macedonia.
According
to
these
entities,
Macedonia
is
still
classified
as
a
country
that
has
a
medium
amount
of
debt.
The
reason
for
this
being
that
the
outside
debt
does
not
exceed
40
percent
of
the
value
of
the
total
production
gross,
percentage
which
is
accepted
by
the
International
Monetary
Fund.
According
to
their
newest
data
at
the
Macedonian
National
Bank
and
also
confirmed
by
the
Governor
Petar
Goshev
for
Utrinski
Vesnik,
Macedonia’s
debt
for
31st
of
May
this
year
came
to
US
$
1,794
million.
The
biggest
part
from
this
sum,
US
$
1,756
billion,
respectively
is
a
long-term
loan
and
the
rest
of
this
debt
is
short
term.
The
head
of
Macedonian’s
monetary
authority
is
the
first
to
admit
that
in
the
past
year
Macedonia’s
foreign
debt
has
increased
by
US
$
80,3
million
but
he
emphases
that
half
of
these
are
because
of
the
difference
in
currency.
"In
comparison
with
May
of
2003,
the
debt
has
increased
by
80,3
million,
but
we
still
have
to
consider
that
43,5
million
owned
is
because
of
the
currency
difference,"
explains
Goshev.
Goshev
agrees
with
the
minister
for
finances
Nikola
Popovski,
who
says
that
we
should
not
only
look
at
the
overall
debt
to
conclude
what
degree
of
debt
the
country
is
in.
"It
is
not
enough
to
only
look
at
the
outside
debt,
because
this
will
bring
us
to
the
wrong
conclusion.
We
need
to
look
at
important
indicators
such
as
the
contribution
of
the
debt
to
the
BDP,
repayment
of
the
yearly
export
taxes,
partial
participation
of
the
foreign
debt
in
the
export
and
similar
factors
such
as
these.
According
to
these
indicators
Macedonia
is
successfully
controlling
the
debt
and
the
debt
is
not
growing,"
claimed
Goshev.
The
Governor
is
supporting
his
claims
with
concrete
data.
"In
2001
the
outside
the
outside
debt
participated
to
BDP
with
43,83
percent
and
in
2003
with
39,19
percent.
In
2001
the
repayment
for
the
debt
from
the
export
participated
to
14,5
percent
and
in
2003
with
13,7
percent.
The
total
debt
for
the
whole
export
in
2001
was
107,6
percent,
whereas
for
2003
was
107,8
percent,"
stated
the
governor.
It
is
well
known
that
many
experts
are
warning
that
the
Macedonia's
debt
is
growing
too
fast,
which
could
bring
it
to
the
category
of
countries
with
high
debt.
The
Government
denies
these
findings,
claiming
that
such
danger
is
not
possible.
Reality
Macedonia
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