Government changes debt strategy - Increases share of domestic financing. 3 new Eurobonds issued until 2030
The Ministry of Finance has approved the Medium-Term Debt Management Strategy for the period 2026–2030, which foresees a more pronounced orientation towards borrowing in the domestic market, with the aim of reducing the cost and risks of public debt.
According to the strategy published in the Official Gazette, about 84% of the financing needs over the next five years will be covered by the domestic market, while 16% will be provided by foreign sources. This orientation marks an increase in the share of domestic financing compared to the current strategy in force. Referring to official data, currently of the total public debt, domestic financing accounts for 57.8% and external financing for 42.2%.
In the domestic market, the government aims to gradually reduce short-term borrowing, through a reduction in the issuance of treasury bills, and expand long-term borrowing. During the period 2026–2030, treasury bills are expected to account for an average of about 50% of domestic borrowing, while instruments with 2-, 3- and 5-year maturities will increase to about 33%, and securities with maturities over 5 years will reach 17%. This approach aims to reduce refinancing risk and stabilize the debt structure.
In terms of external borrowing, the issuance of Eurobonds on international markets will remain an important source of financing. The strategy envisages 2 to 3 Eurobond issuances over the five-year period, combined with loans from international financial institutions and other development partners, mainly for the financing of strategic projects.
According to the Ministry of Finance, in the baseline macroeconomic scenario, this strategy is expected to bring significant improvement in risk indicators, especially in terms of refinancing risk and interest rate risk, contributing to a more sustainable management of public debt until 2030.
The Ministry of Finance has used the World Bank's MTDS Toolkit model to analyze the strategy for the medium-term period 2026–2030. Several alternative strategies were considered in the analysis and were analyzed and compared by considering two indicators in parallel: the cost of debt, as well as developments on risk indicators for each of the strategies. Currently, public debt is at the level of 14.2 billion euros.
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