Vladimir Golovatiuc
In May 2025, the government received $37 million in external loans, 3 times more than in April. However, the repayment of previously received loans amounted to $137 mn. The depreciation of the euro reduced the amount of debt by another $23 mn. Nevertheless, the external debt at the end of May 2025 exceeded its value a year earlier by $680 mn, or by 19%.
“The decrease in external public debt after its consecutive increase since February (in February +$32 million, in March +$21 million, in April +$132 million) is not due to the reduction of external borrowings. It is conditioned by a significant volume of repayment of previously received loans and depreciation of Euro. Thus, in May, the government spent more on servicing previously obtained loans, than received new loans,” said economist Vladimir Golovatiuc.
It should be noted that loans in U.S. dollars account for less than 1% of the total debt. In Euro – 48.4% and in SDR (IMF unit of account) – 45.4%. For 5 months of 2025, net external financing had a negative value (approximately -$207.81 million). The fluctuation of the US dollar against other currencies for this period amounted to $249.73 million.
Thus, the balance of external public debt as of May 31, 2025 increased by $41.92 million (+1%) compared to the beginning of 2025.
