The overall public debt service will climb to 55.5 billion RON(around 13 billion euros), 12% above this year's level, accordingto estimates of the Finance Ministry, amplifying the state'sliquidity needs.
On the market, calculations on the financing needs both for theend of this year, and for 2011, differ from one analyst to another,being complicated by uncertainties as to the ability of the FinanceMinistry to meet targets set in terms of spending cuts and revenueincreases.
According to ING Bank estimates, the Finance Ministry will have torefinance RON-denominated debt amounting to 17 billion RON (around4 billion euros) next year, and the budget deficit will be 31billion RON. Under the arrangement with the IMF and the EU, theFinance Ministry needs to cut next year's budget deficit to 4.4% ofGDP, i.e. 24.3 billion RON.
In 2011 the Finance Ministry will have to roll over a large volumeof short-term debt contracted this year and in 2009. Next year'sgovernment public debt service entails around 11.3 billion euros incapital instalments and 2 billion euros in interest rates, i.e. atotal of over 13 billion euros.
Over the next three years, the Treasury is planning to borrow fromforeign markets as part of a medium-term financing programme(Medium Term Notes) worth seven billion euros.
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