The Finance Ministry aims to issue discount treasury certificates and benchmark bonds worth 4.65 billion lei in July, to finance the budget gap and refinance the public debt. It plans to issue securities of 13-15 billion lei in the third quarter.
The Finance Ministry planned to collect between 11 and 13 billion lei from the market in the second quarter, but sponged only 8.06 billion lei because of the high level of yields required by lenders. It got 12.71 billion lei in the first trimester, above the 10-12 billion lei level initially estimated.
Last year, the ministry drew almost 65 billion lei from the market, up five times versus 2008.
The budget deficit target for the end of 2010 is of 6.8 percent of the gross domestic product (GDP).
