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Fin Min Citu: State borrows one bln lei at smaller interest rates than in 2019
Florin Cîțu

The Finance Ministry borrowed one billion lei from the market on Thursday at an interest rate of 3.24 pct, lower than a year ago, and the loan covers the monthly deficit in the state budget, writes Finance Minister Florin Citu on his Facebook page.

"Today, MFP borrowed from the market 1 billion lei at a maturity of 4.8 years and a maximum interest rate of 3.24 pct per year. Much lower than the interest on average in September last year, 4.8 pct, by the Socialist government. So we're constantly reducing the cost for future generations. Interest is lower than market interest at the time we made the transaction, namely 3.31 pct. The loan covers the monthly deficit in the state budget. It is the optimal solution in these conditions," the minister said.

In October 2020, the Ministry of Public Finance planned loans from commercial banks of 4.4 billion lei through benchmark state issues, to which the amount of 660 million lei can be added through additional sessions of non-competitive tenders related to bond auctions.

The total amount of 5.06 billion lei is 500 million lei higher than scheduled for September and will be intended to finance the public debt and finance the state budget deficit.

Romania has a budget deficit of 8.6 pct of GDP for the current year in the programme, after the first eight months the negative balance being 5.18 pct of GDP.


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