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Cronicile

Ministry of Finance planned loans of RON 4.74 billion in November. Costs are increasing

de Adrian N Ionescu , 5.11.2018

The Ministry of Public Finance (MFP) intends to borrow in November RON 4.74 billion, 1.4% more than in the previous month, according to the Ministry.

The financing attracted in October was RON 4.675 billion, the highest level since January and by 18.8% above September.

The Government’s growing need for money pushes the cost of loans up. For the 10-year benchmark maturity, the cost of funding the state has increased to levels higher than last year.

On the other hand, it is even more pronounced the cost increase compared to last year as a result of the urgent need for financing.

We can notice the upward trajectory in the yield curve, because of the increase in costs of shorter term loans.

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Yield curve in Romania

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The consolidated general budget deficit in the first nine months of 2018 increased by almost RON 10 billion compared to the same period of last year and climbed to RON 16.8 billion (1.77% of the estimated GDP), according to the data published by the Finance Ministry.

Personnel costs were up by almost RON 13 billion.

37% of the amount of RON 26.4 billion spent above the same period of last year went to supplementing payments to public sector employees and to social assistance, while less than a quarter of the extra money was allocated to projects implemented with non-reimbursable external financing, capital expenditure and to goods and services.

MFP’s plans for November target:

  • an issuance of treasury bills worth RON 600 million (with a one-year maturity), by 30% less than in the previous month.
  • eight government bond auctions for raising RON 3.6 billion, by 9% more than in the previous month:
    • four auctions of RON 600 million each;
    • two of RON 300 million each;
    • one of RON 200 million and one of RON100 million;
  • additional sessions of non-competitive offers of RON 540 million, by 9% more than in October:
    • four of RON 90 million each;
    • two of RON 45 million each and
    • one of RON 60 million and another of RON 30 million.

The amount attracted by Romania on foreign markets amounts to EUR 4.75 billion in 2018 (over RON 22 billion) – of which EUR 3.75 billion and USD 1.2 billion.

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