The November amendments to the state budget lowered the allowable limit on the total size of the state debt this year from the planned 140 billion lei to 127 billion lei. The reasons were the obvious shortfall of net borrowings on the domestic market due to a decrease in demand for state securities and the “lagging behind the needs” inflow of external financing.
The budget rectification reduced the targets for all components of the state debt, including the internal state debt – from 53.1 billion lei to 52.4 billion lei, and the external debt – from 87 billion lei to 76.7 billion lei. At the end of October 2025, the state debt amounted to 128.6 billion lei, including domestic 48.7 billion lei and external 79.97 billion lei.
The main burden until the new year will obviously fall on the internal borrowings, which the government hopes to increase by another 3.8 billion lei. It should be reminded that since the beginning of the year (during ten months), the internal state debt has increased by 4.7 billion lei. The increase in the issue of SS on the primary market by 5.7 billion lei and in the issue of SS through the electronic platform by 451.81 million lei will significantly minus the redemption of previously placed securities.
The last monthly round of SS subscription for citizens this year was announced for the period of December 1-10. In this subscription round, individuals are offered to invest in securities for 2 and 4 years with a fixed annual rate of 7.10% and 7.35%, respectively. And although the population’s demand for this investment instrument is growing, it does not “make the weather” in the primary market, being a small part of the government’s internal borrowings to finance expenditures.
