Macedonia is a country with relatively low level of public debt and there is still room for raising it, according to the Governor of the National Bank of Macedonia (NBRM), Dimitar Bogov.

"Public debt is nearly 27% of GDP and it is one of the lowest in Europe. There is still room for raising the public debt, however in the long term public debt needs to be sustainable i.e. budget deficit should be sustainable meaning it should not increase the public debt in the long run," Bogov told a news conference on Tuesday dedicated to the 20th anniversary of country's monetary independence.

He said that it was justifiable the budget deficit during crisis to be slightly higher, but it must be reduced as soon as favourable years for growth emerge.

"Debt has to be measured as a percentage of the GDP. Since 2008, countries worldwide have significantly increased their debt. The percentage varies between 15 and 20 in EU countries and in Central and Easter Europe. In Macedonia it has been increased by 8% during this time. Circumstances commanded everyone to increase their debt. However, Macedonia's limit is lower as same as for other countries having a difficult access to markets of finances," Governor Bogov concluded. ba/14:00