The interest expenses due on debt in Egypt increased by 28 percent annually in the current fiscal year.
The International Monetary Fund (IMF) said on Wednesday that the formation of the new government is a turning point for the Macedonian economy, and underscored this as an opportunity to rebuild policy space and revive reforms.Macedonia needs stronger fiscal consolidation due to rapid rise in public debt and high gross financing needs. On the fiscal front, the overall deficit narrowed to 2.6% in 2016, with the improvement largely due to under-execution of capital investment, spending constraints imposed during the pre-election period, and accumulation of payment arrears, the IMF said in its concluding statement on Article IV consultation with Macedonia on the country’s economic performance and policies.The IMF expects Macedonia to close 2017 with fiscal deficit equivalent to around 3% of GDP, while public debt is projected to rise to 47% of GDP, according to the statement. “[IMF] Directors welcomed the authorities’ intention to reduce the overall deficit gradually to 2% of GDP in the medium term, but stressed that this should rely on durable measures”.
Prime Minister Ana Brnabic said on Wednesday in Nis, southern Serbia, that the country has good economic indicators. This is true despite the problems in agriculture and hydroelectric power plants due to drought, she said, according to the Serbian government, and announced that the public debt will be reduced to 62 percent of GDP by the end of the year. “We have said that economic growth will probably be less than 3 percent, which was the projection, but unfortunately, due to weather conditions and an extremely difficult winters, due to which power generation suffered, primarily in the thermal sector, but also due to the drought that struck agriculture and power generation in the hydro-sector”, she added. Brnabic pointed out that growth was also recorded in the industry, 6 to 8 percent, and added that we also had a reduction in public debt, much more than planned, so today it stands at 64.5 percent, with the expectation that it is possible to drop to 62 percent of GDP by the end of the year.