OREANDA-NEWS. June 24, 2010. This was announced by the President of National Bank of Moldova speaking in the frame of Investment week Moldova Business Week 2010. He emphasized that in its structure the share of external state and guaranteed by state debt isn’t too high and doesn’t put a serious pressure on the budget, making up less than 30%, while in some EU countries subjected to crisis this index reaches 100%.

The President of NBM also noted the quality of state debt, stressing that the matter mainly is in Moldavian arrears of credits, got from international finance organizations on concessional conditions: for a long-term period at low interest rate and not in commercial credits debts, taken at high interest for a shorter period while their cost increases considerably.

Dorin Dragutanu emphasized that the load of maintenance of long-term concessional credits is too big for the budget. He noted that the increase of Moldavian external debt in 2009 approximately by 7% to USD4.4 billion is connected with the growth of economic activity in the country. Speaking on the structure of debt, the President of NBM stressed that state debt and debt of NBM to international finance organizations makes up 25.4% of total volume, long-term credits debt, got from abroad for business development – 17.5%, short-term credits debt – 28.1%.

Dorin Dragutanu emphasized that NBM possesses sufficient reserves to cover on 120% the risky part of the debt and all the opportunities to protect national currency and soften negative moments in case of possible shock.