Alexander Muravsky
Two rectifications have already been made this year, and this rush is due to the inclusion of the first tranche of European funds in the budget.
As former Deputy Prime Minister and Economy Minister Alexandru Muravski noted, Moldova needs sources to cover the deficit. “And they are there so far, thanks to the expected tranche. Because relying on internal financing, for example, from the sale of state securities to commercial banks is a dangerous practice. The interest rates paid to banks by the state are much higher than those we get from external creditors. Plus, the European Commission gives us funds for 40 years. And we borrow short money from banks. They buy government securities for 91 days, 182 days, a year, and we actually place securities to pay off our debts on interest”.
At the same time, thanks to increased spending, we are increasing the budget deficit.
“Our whole society is in a bifurcated state right now. Because it is necessary to raise wages and pensions, compensation for energy resources is also necessary. Small and medium-sized businesses need to be supported, including with grants. The question is in what form this is provided. It should be understood that we are talking about borrowed donor funds, for which all citizens of the country will have to pay,” Mr. Muravsky stressed.
