{"id":443269,"date":"2017-01-12T20:58:35","date_gmt":"2017-01-12T20:58:35","guid":{"rendered":"http:\/\/www.moldova.org\/en\/?p=443269"},"modified":"2017-01-12T20:58:35","modified_gmt":"2017-01-12T20:58:35","slug":"government-moldova-owes-154-billion-lei-national-bank","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/government-moldova-owes-154-billion-lei-national-bank\/","title":{"rendered":"Government of Moldova owes 15,4 billion lei to the National Bank"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

A recent note<\/a> of the National Bank of Moldova shows that the Government owes quite a lot of money to the central bank: 15,404 billion lei, on 31 December 2016.<\/p>\n

The debt is composed of two parts:<\/p>\n

-The mobile bonds obtained by the National Bank from the conversion in 1998 and 2008 of the loans given to the Government, represented by 2,063 billion lei with a 7,47% average interest rate;<\/p>\n

-The state obligations issued by the Ministry of Finance on the payment of the state guarantee law, needed to pay back the loans taken by the three defrauded banks, but not returned. The total sum deriving from the obligations is 13,341 billion lei with a 5% average interest rate.<\/p>\n

The latter<\/a>\u00a0was divided into 25 issuances of government bonds, with maturities from 1 to 25 years. The government bonds with maturities of 1-9 years have been issued with a fixed interest rate of 1,4% annually, while those with maturities of 10-25 years with a fixed interest rate of 5,3% annually. The interest will be paid semi-annually, excluding the interest for the first year of issuance, which will be paid at the end of the year. The National Bank took a 5% annual inflation rate into consideration to keep the value of debt in real terms.<\/p>\n

The issuing and transferring of government bonds was executed by complying to the law<\/a> on the issuance of government bonds for execution by the Ministry of Finance of the payment obligations derived from state guarantees no. 807 of 17 November 2014 and no. 101 of 1 April 2015.<\/p>\n

The controversial law, previously voted by the Government<\/a> and approved by ex-President Timofti<\/a>, includes a decision to transform the unpaid loans taken by Banca de Economii, Banca Social\u0103 and Unibank from the National Bank in 2014 into public debt. The payment of 13,5 billion lei would be made from the state budget during 25 years with a 5% interest rate, a sum which will obviously decrease the public expenditures in social and medical insurances system.\u00a0The international financial institutions, such as the International Monetary Fund, the World Bank, but also the European Union, saw the law as a mean to \u201crestore\u201d trust of people in the banking system. Prime-Minister Pavel Filip recently warned<\/a> Dodon that payment of the \u201cstolen billion\u201d was necessary to get the external financial assistance. Moreover, the IMF made it clear<\/a> about the “reevaluation” of the finance program for Moldova, if the payment is canceled.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>A recent note of the National Bank of Moldova shows that the Government owes quite a lot of money to the central bank: 15,404 billion lei, on 31 December 2016. The debt is composed of two parts: -The mobile bonds obtained by the National Bank from the conversion in 1998 and 2008 of the loans […]<\/p>\n","protected":false},"author":6,"featured_media":441786,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-443269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

A recent note<\/a> of the National Bank of Moldova shows that the Government owes quite a lot of money to the central bank: 15,404 billion lei, on 31 December 2016.<\/p>\n

The debt is composed of two parts:<\/p>\n

-The mobile bonds obtained by the National Bank from the conversion in 1998 and 2008 of the loans given to the Government, represented by 2,063 billion lei with a 7,47% average interest rate;<\/p>\n

-The state obligations issued by the Ministry of Finance on the payment of the state guarantee law, needed to pay back the loans taken by the three defrauded banks, but not returned. The total sum deriving from the obligations is 13,341 billion lei with a 5% average interest rate.<\/p>\n

The latter<\/a>\u00a0was divided into 25 issuances of government bonds, with maturities from 1 to 25 years. The government bonds with maturities of 1-9 years have been issued with a fixed interest rate of 1,4% annually, while those with maturities of 10-25 years with a fixed interest rate of 5,3% annually. The interest will be paid semi-annually, excluding the interest for the first year of issuance, which will be paid at the end of the year. The National Bank took a 5% annual inflation rate into consideration to keep the value of debt in real terms.<\/p>\n

The issuing and transferring of government bonds was executed by complying to the law<\/a> on the issuance of government bonds for execution by the Ministry of Finance of the payment obligations derived from state guarantees no. 807 of 17 November 2014 and no. 101 of 1 April 2015.<\/p>\n

The controversial law, previously voted by the Government<\/a> and approved by ex-President Timofti<\/a>, includes a decision to transform the unpaid loans taken by Banca de Economii, Banca Social\u0103 and Unibank from the National Bank in 2014 into public debt. The payment of 13,5 billion lei would be made from the state budget during 25 years with a 5% interest rate, a sum which will obviously decrease the public expenditures in social and medical insurances system.\u00a0The international financial institutions, such as the International Monetary Fund, the World Bank, but also the European Union, saw the law as a mean to \u201crestore\u201d trust of people in the banking system. Prime-Minister Pavel Filip recently warned<\/a> Dodon that payment of the \u201cstolen billion\u201d was necessary to get the external financial assistance. Moreover, the IMF made it clear<\/a> about the “reevaluation” of the finance program for Moldova, if the payment is canceled.<\/p>\n

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