Garantarea împrumuturilor întreprinderilor de stat și societăților comerciale cu capital de stat: cum evităm riscurile bugetare?
Guaranteeing loans to state-owned enterprises and state-owned companies: How do we avoid Budgetary Risks?

Author(s): Vadim Gumene
Subject(s): National Economy, Economic policy, Public Finances
Published by: EXPERT-GRUP Centrul Analitic Independent
Keywords: Moldova state budget; banking system; public sector debt;
Summary/Abstract: The pressure on the state budget has increased substantially since last year, with the execution of payment obligations derived from state guarantees issued by the Ministry of Finance for emergency loans granted by the National Bank to the banking system. This situation has highlighted certain threats to the sustainability of public finances through additional fiscal exposures, but also the long-term burden on the state budget. Under these conditions, it has become vital to develop public sector debt management with supervision and limitation of risks that may significantly increase public sector debt, in particular, through the granting of state guarantees. In the same vein, the reference to the format of lending to economic entities, especially with state capital, through both internal and external state guarantees in the context of certain political and economic circumstances is also relevant.

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