Nevertheless, the government’s internal borrowings are lagging behind the plan. The draft amendments to the law on the state budget for 2025 provide for the previous limit of 8.5 billion lei for the growth of borrowings on the domestic market. This limit is unlikely to be chosen by the end of the year, unless the demand for government securities on the financial market rises.
While in October the increase in the domestic debt amounted to 800 million lei due to the redemption of previously converted securities, in November the domestic debt increased by another 873 million lei (+1.8%). At the end of October, the internal state debt amounted to 48.7 billion lei, while at the end of last year – about 44 billion lei.
According to the Ministry of Finance, the domestic state debt increased in January-November 2025 mainly due to the increase in the issuance of SS on the primary market by 6.6 billion lei, as well as the issuance of SS through the electronic platform eVMS.md by about 473.82 million lei. At the same time, converted SS were purchased for 1 billion 085.79 million lei and state securities issued for certain purposes established by law – for 360 million lei.
