Foreign financing expected to amount to US$450m

In 2013 -2015, Moldova can benefit from foreign loans of 5.55 billion lei or about US$440.9 million, Info-Prim Neo reports, quoting the program “Management of the state debt on an average term, 2013-2015”, which was recently approved by the Government. 19.1% of the foreign loans will be used to support the budget, while 80.9% to finance projects. Acting Minister of Finance Veaceslav Negruta said that 97.8% of the loans will come from multilateral institutions, while the rest from bilateral institutions. Among the main creditors will be the European Investment Bank with 32.7% of the loans, the World Bank with 30.4%, the EBRD with 22.1%, the Council of Europe Development Bank, and the International Fund for Agricultural Development. The budget deficit in 2013-2015 will be covered mainly from foreign sources. As regards the national sources, there will be sold state securities to the value of 1.32 billion lei, including of 480 million lei in 2013. The Government’s debt to the National Bank of Moldova on the loans taken earlier, by 150 million lei annually, will continue to be gradually reduced. The share of the state debt in the GDP will be decreased to 22.2% at the end of 2015, which is by 1.3% less than at the end of 2011.