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Finance Ministry proposes 10 billion euro increase of ceiling for external market loans until 2022

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The Ministry of Public Finance proposes to increase by 10 billion euros, from 31 billion euros to 41 billion euros, the ceiling available under the MTN Program, within which government securities issues can be launched periodically on external markets, to cover the gross financing needs through such issues between February 2020 and 2022.

According to a draft normative act, for the interval February 2020 to 2022, the Finance Ministry intends to issue eurobonds worth about 14 billion euros (equivalent).

On the other hand, in the period 2020-2022, eurobonds worth 3.84 billion euros will reach maturity (2 billion euros in September 2020 and 2.01 billion US dollars, the equivalent to 1.84 billion euros in February 2022).

Under these conditions, the initiators point out that the increase of the ceiling with the amount of 10 billion euros, from 31 to 41 billion euros, takes into account creating the possibility for the Ministry of Public Finance to continue to use the general framework of the MTN Program to issue government securities on international markets in order to fulfill the financing plan for the period 2020-2022, before the securities reach maturity during this period.

For 2020, the financing need at government level is determined by the level of the general consolidated budget deficit (estimated at 3.6 pct of GDP) and the refinancing of the public debt. The financing of the budget deficit will be carried out from internal (55 pct) and external (45 pct) sources, and the refinancing of the public debt will be conducted from the market where the debt was initially contracted.

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