Romania's 2025 financing needs rise to EUR 52 bln in line with the revised deficit

Romania's Ministry of Finance has revised upwards this year's financing needs by RON 27 billion to RON 259 billion (EUR 52 billion), compared to RON 232 billion as initially estimated in January, according to Cursdeguvernare.ro, citing official ministry reports. The largest part of the supplementary financing needs, some RON 25 billion, is caused by the budget deficit slipping above the 7%-of-GDP initial target, to 8.4% of GDP under the recent budget revision.

The Finance Ministry said that around 92% of the initial financing needs of RON 232 billion, meaning over RON 210 billion (EUR 42 billion), have already been secured.

"The gross financing requirement at the government level for 2025 is revised to approximately RON 259 billion, determined by the revised level of 8.4% of GDP (approximately RON 160 billion) of the general consolidated budget deficit [...], as well as by the volume of debt to be refinanced in 2025, amounting to approximately RON 99 billion," reads the revision of the Indicative Government Securities Issuance Program for 2025.

Last year's financing needs were RON 252 billion for a public deficit of RON 152 billion, while this year's gap will widen by only RON 7 billion to RON 159 billion.

Romania issued EUR 4 billion of FX bonds on October 2, in addition to the EUR 7 billion and USD 5 billion already issued in three previous issues this year, bringing the total FX bond issues to date to EUR 15.27 billion.

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