VMRO-DPMNE boasted that in two years in power it repaid 2.31 billion euros of debt. But according to public debt data, Macedonia became indebted by an additional 1.86 billion euros over the same period. If 2.31 billion euros really were repaid, then the logical question arises: did the state take on new borrowing of approximately 4.17 billion euros in just two years?

  In June 2024, when VMRO-DPMNE took power, Macedonia's public debt stood at approximately 8.87 billion euros. In June 2026 it reached around 10.73 billion euros, meaning it grew by 1.86 billion euros. The maths is simple. If the government repaid 2.31 billion euros of old debt, while total debt grew by 1.86 billion euros at the same time, then the sum comes to 4.17 billion euros. Provided that the repayments and the debt figures refer to the same period and the same categories of borrowing, this would mean that over the past two years the state borrowed approximately 4.17 billion euros in new funds. The exact amount should be confirmed by an official overview of borrowing, repayments and other changes in the debt. That is the part of the financial picture missing from the political press release. Repaying old loans does not automatically mean reducing state debt. If a government repays two billion euros and borrows four billion, it hasn't taken the state out of debt - it has increased its indebtedness by an additional two billion euros. Of course, a distinction must be made between the nominal amount of public debt and its share of gross domestic product. But a fall in the percentage share of GDP does not mean the total amount the state owes has fallen. How much of the new borrowing was used to repay previous obligations, how much for current budget needs, and how much for capital investment? At what interest rates did the state borrow, and how much will these obligations cost citizens in the years ahead? Macedonian citizens have a right to answers, because the state debt is not the debt of political parties, nor of the ministers who sign the loans. It is an obligation serviced from public finances that future generations will also be paying off. It's not enough for the government to boast that it repaid 2.31 billion euros. It also has to explain why, after all those repayments, Macedonia owes 1.86 billion euros more than it did two years ago. Because the real question isn't just how much money was repaid, but how much new debt has been left as a burden on citizens.