The Moldovan government has approved an adjustment to the 2026 state budget, increasing the deficit to 23.07 billion lei, or 5.95% of GDP. Revenues have been revised downward.
Finance Minister Victoria Belous explained the adjustment, in particular, by changes in consumer behavior and the rise in imports of electric vehicles, which are not subject to excise duties. According to the minister, actual VAT and excise revenues fell short of initial forecasts.
“We lowered the excise revenue target due to changing behavior. Regarding excise duties on passenger cars, many vehicles are now electric and are not subject to excise duty,” Belous stated.
Alongside the revenue adjustment, the government is cutting expenditures. Funding for projects financed from external sources has been reduced by approximately 959.8 million lei. Among them are the forestry development program, the Vulcănești–Chișinău energy interconnection project with Romania, and funding for the state enterprise “Moldovan Railways.” Grant volumes are projected to decrease by 837 million lei.
At the same time, public debt servicing costs, according to Belous, amount to about 6 billion lei per year. Prime Minister Vasile Tofan acknowledged the difficult situation and stated the need to aim for reducing the deficit to 3% of GDP.
In 2025, about 87,000 electric and hybrid vehicles were registered in the country, accounting for approximately 9.6% of the total vehicle fleet. The share of fully electric vehicles is about 11% of that number.
