This chapter aims to examine the trend and unique characteristics of the public debt in the Republic of Macedonia (now North Macedonia), in the period 1992 -2023 year. Public debt is a crucial component of a country’s fiscal and development policy, which directly affects economic stability and growth. Thus, in a globalized eco-nomy, countries are often compared on their fiscal health and debt levels. Due to the recent COVID - 19 pandemic and energy crisis, public debt has emer-ged as a critical economic issue on the global stage, reflecting the complex in-terplay between government spending, economic growth, and fiscal sustaina-bility. As countries faced various financial challenges, public debt levels have dramatically increased, driven by economic downturns, increased public spen-ding, and governments’ efforts to stimulate growth. The scale of global public debt has reached unprecedented levels, raising con-cerns about its long-term implications for economic stability and development. Namely, according to the International Monetary Fund (2004), global public debt surpassed 100% of global GDP, reflecting widespread fiscal challenges across both developed and developing countries. The theory highlights numerous benefits that properly managed public debt, might have on the economy, becoming an efficient tool to mitigate the impacts of recessions, stimulating economic growth through long-term investments, and avoiding immediate tax hikes, thus enabling the government fiscal flexibility in the crisis times.