Based on the data provided by the Ministry of Finance, for the first 11 months of 2025, the dynamics of external public debt is as follows. Net external financing amounted to $190.29 million. This is real money, which the country was able to use after payments on servicing the taken debts.
At the same time, fluctuations of the US dollar exchange rate against other currencies during this period reached positive values and amounted to $302.01 million. Since the final report is in dollars, and the dollar in 2025 weakened against other currencies in the debt portfolio, the value of these debts in dollar equivalent increased.
Thus, the balance of external public debt as of November 30, 2025 increased relative to January 1, 2025 by approximately $492.29 million, or approximately 11.75%. And the lion’s share of this increase (60%) was provided by the depreciated dollar, although the country did not physically borrow this $302 million.
This means that the total amount of the government’s debt to foreign creditors has increased, and not so much because of new loans, but because of changes in exchange rates. Unfavorable for reporting exchange rate differences and to a lesser extent – due to the fact that new borrowings exceeded payments on old ones, the foreign debt by early December totaled $4.683 million.
If there are no major receipts by the end of the year, and according to NBM data, the peak of payments is this year, Moldova’s external public debt will decrease. Corresponding changes on the size of the external debt burden for the end of 2025 were introduced in the state budget in November.
