The Republic of Moldova increased its gross external debt to USD 11.6 billion by the end of the third quarter of 2025, up 12.4% compared to the beginning of the year, according to data published by the National Bank of Moldova (BNM) in its Balance of Payments report, cited by BANI.MD.
The debt grew by USD 1.28 billion, driven by a USD 725.6 million increase in private external debt and a USD 552.8 million rise in public external debt. As a result, the external debt to GDP ratio climbed by 2.2 percentage points to 58.9% of GDP.
The BNM data show that long-term external debt continues to dominate the structure, accounting for 73.9% of the total, even though it increased at a slower rate of 9.6% compared to the end of 2024. Short-term external debt expanded much faster, rising by 21.1% and reaching 26.1% of total gross external debt.
Public external debt reached USD 4.87 billion, representing 42% of total external debt, slightly higher than at the end of last year. Almost all public external debt remains long-term and consists mainly of loans and allocations of Special Drawing Rights (SDRs).
Despite the rapid growth, the National Bank reports that Moldova continues to benefit from relatively favorable external financing conditions. The average quarterly implicit interest rate on external debt in the form of loans and SDR allocations fell to 0.5%, a historically low level.
At the same time, the refinancing rate declined nearly threefold, reflecting reduced new borrowing and a stronger focus on servicing existing obligations. Based on current repayment levels, the average implicit maturity of long-term external debt stands at about 7.3 years.
Moldova’s main external creditors remain the International Monetary Fund and the World Bank Group, followed by the European Commission, the European Investment Bank, and the European Bank for Reconstruction and Development, highlighting the public sector’s continued reliance on financing from international financial institutions.