We had no correction, only a ruling (EOG No. 90/2023) reminiscent of one also confirmed by the Fiscal Council: The Government preferred to deny reality. However, the Ministry of Finance had to inform what had changed in the credit part.

So, in 2023, the value of loans will amount to 180 billion lei, which is 20 billion more than originally announced. By September 30, 99% of the amount was spent.

“Additional net financing for 2023 is expected to be obtained mainly from domestic sources due to the issuance of government securities on the interbank market and through government securities programs intended for the population,” the message says.

This money is aimed at refinancing the coming debt and the budget deficit, which is expected to be 5.5% of GDP this year. At the end of September, it amounted to 56.4 billion lei (3.55% of GDP).

It remains to be seen how the year will end. Even the Government does not know what deficit we will have after the recent Decree.

According to the Ministry of Finance, “by the end of September, the amount of 105 billion lei was raised from the domestic market through auctions of government securities on the interbank market and through government securities programs intended for individuals, and the equivalent of 10.7 billion euros was raised from the external market at the expense of issuing Eurobonds, withdrawal of funds from international financial institutions and at the expense of the 2nd tranche of the PNRR loan”.