This provision is contained in the Medium-Term Public Debt Management Program (2026-2028), which was approved by the government on December 29, 2025.
The Program is developed in accordance with the fiscal and monetary policy norms affecting the financing of the budget deficit in 2026. The document prescribes the management strategy and identifies the cost and risk factors associated with the public debt portfolio in accordance with macroeconomic indicators, as well as with forecasts of its dynamics in the medium term.
According to Finance Minister Andrian Gavrilita, under the conditions of maintaining macroeconomic stability, the share of the public debt in GDP will not exceed 45.5 per cent at the end of 2028. At the same time, the average maturity of the public debt portfolio will be 10.1 years. This is an improvement compared to the current situation.
In general, external financing will remain the main source of economic recovery and stimulation of its sustainable development in these years. Its volume is projected at 4.6% of GDP in 2026, 5.3% in 2027 and 3.5% in 2028.
Moldova will continue to rely on multilateral external borrowing. It is planned to attract about 94.5% of all external loans from multilateral financial institutions and 5.5% from bilateral ones. The EU, EBRD, EIB and WB will remain the key lenders.
The volumes of domestic financing of the budget will depend on the degree of uncertainty of the economic environment, influencing the dynamics of the domestic financial market. On average, 98.8% of domestic financing will be provided through placement of government securities in the primary market, and 1.2% – through direct sales of government bonds to individuals.
The Ministry of Finance intends to adhere to a flexible approach to borrowings, combining internal and external sources of financing, as well as various debt instruments.
The Ministry plans to develop the secondary market of government securities and the policy of early redemption of government bonds. And to increase transparency of trades it will continue to implement the electronic platform E-Bond and strengthen monitoring of primary dealers’ work.
According to the Ministry of Finance’s forecast, net financing in 2026 will amount to 5.1% of GDP, in 2027 – 4.9%, in 2028 – 3.1%. At the same time, the share of domestic financing will decrease from 2.5% of GDP in 2026 to 1.7% in 2028, while the share of external financing will decrease from 2.6% to 1.4%.
