Moldova public debt grows by 4.1 billion lei in three months
Moldova’s domestic public debt rose sharply in the first quarter of 2026, with growth accelerating five to six times compared with the same periods in previous years.
According to data published by the Ministry of Finance, domestic public debt increased by 4.1 billion lei in the first three months of the year. By March 31, it had reached 56.1 billion lei, or around $3.3 billion. The quarterly increase was almost 8%. In January alone, the debt rose by 1.9 billion lei.
The pace is striking. In the first quarters of 2024 and 2025, debt growth was several times slower. For comparison, the entire increase in 2025 was 8 billion lei. In just three months of 2026, the figure had already exceeded half of last year’s total.
Economist blames PAS economic management
Financial analyst Vladimir Golovatiuc links the debt surge to poor economic management under Maia Sandu’s team. According to him, during the four years of PAS rule, Moldova’s external debt has more than doubled. He argues that the current authorities have borrowed more than all previous governments combined over Moldova’s 30 years of independence.
If the current trend continues, domestic public debt could exceed the projected level by the end of 2026. That would place additional pressure on the state budget. Economists warn that such rapid borrowing, without comparable GDP growth, creates risks for the leu and raises questions about how the government plans to service these obligations.
Government stays silent as bond issues rise
PAS has not commented on the debt increase. But the Ministry of Finance’s government securities data speaks clearly. Bond issuance has been rising steadily. On June 2, 2026, the planned issue stood at 2.85 billion lei. At the start of the year, it was 2.45 billion lei. A year earlier, it was 2.15 billion lei. In June 2024, it was 1.39 billion lei.
In other words, the volume of issuance has more than doubled in two years. The conclusion is hard to avoid: the budget urgently needs money. Yet instead of taking real steps to revive the economy, support business and stimulate investment in the productive sector, the “yellow” authorities are choosing the easiest path, increasing domestic public debt. That may keep the system running for now. But it leaves citizens with the bill later.
