Veaceslav Ionita
He expressed this view in his latest analysis, which examines the growth of the budget deficit, its causes and ways to address it.
The expert believes that the government should increase its capacity to attract external grants. As these are non-repayable funds, they can reduce the need to take out costly loans.
According to data presented by the expert, over the past five years grants have amounted to approximately 1.5 per cent of GDP, and in 2025 they stood at 1.3 per cent of GDP. In the first half of 2026, the annual figure is estimated to have reached approximately 0.6 per cent of GDP.
In 2025, grants came mainly from the European Commission – 59 per cent – followed by the German Development Bank – 16 per cent, UNDP – 12 per cent, the World Bank – 8 per cent, UNICEF – 2 per cent, with other donors accounting for 3 per cent.
Veaceslav Ioniță emphasises that the current situation, with the budget deficit rising, is the result, on the one hand, of its gradual accumulation and, on the other, of the shift from cheaper grants and external loans to domestic borrowing, which is expensive and short-term.
The expert concludes that the deficit can only be reduced by raising taxes if, at the same time, grants and external loans are secured on favourable terms.
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