Romania's short-term foreign debt, the indicator that thwartedRomania's macroeconomic policies at the end of 2008 and forced theNBR and the Government to resort to help from the IMF and theEuropean Commission a few months later, has started to climb again,posting a 25% rise at the end of August against the three-year lowrecorded in January, to 17.1 billion euros. Around 90% of the debtis held by the private sector.
The increase occurred in two stages - a leap in spring and anotherone in July and August. The NBR (National Bank of Romania) has yetto publish data on the detailed structure of the foreign debtbeyond June, so there is as yet no clear explanation for theincrease recorded at the end of the summer.
In June, the bulk of the debt was held by banks and privatecompanies, with volumes amounting to 6.3 and 5.2 billion eurosrespectively. The state had a one billion-euro debt.
In the first six months of the year the increase was distributedacross all three sectors, with the state contributing 300 millioneuros, banks 150 million euros and companies nearly 500 millioneuros.
"The major issue with managing the debt is to what extent the debtis short term and whether it can be turned into longer-term debt,"says economics professor Daniel Dăianu. He notes that the state'soverall debt is climbing fast, with the current account deficit nowbeing entirely generated by the public sector, while the privatesector has a positive contribution. The loan from the IMF and theEuropean Commission has ensured the state's financing until 2011,but the repayment is set to start in 2012, and will be scheduledover four years.
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