VIDEO // Growing budget deficit, record investments in 2026: Moldovan finance minister gives explanations

Moldova will enter 2026 with a budget deficit estimated at over 20 billion lei, a high level that requires fiscal responsibility measures and sustainable financing solutions. Finance Minister Andrian Gavrilita made statements to this effect  at a news conference following the today's cabinet meeting, during which he presented the budget outlook for next year.

According to the minister, the budget revenues are estimated at around 80 billion lei, while expenditures will reach 100 billion lei. The difference is to be covered from both internal sources and external financing, including investments on behalf of development partners.





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Increasing financing costs: “The deficit would not be a problem, if loans were cheap”

The minister said that the main challenge was the high cost of domestic debt, which has risen from 7–9 per cent in previous years, significantly affecting the state's ability to borrow cheaply.

“The deficit itself would not be a problem, if we had a reduced financing cost. At this moment, costs are high, especially for domestic debt. Reducing these costs is a key priority”, said Gavrilita.

The official highlighted the constructive discussions with the European Union, IMF and other international partners, focused on finding refinancing solutions to reduce budget pressure.

Record investments in 2026: “We will not stop any project”

Despite budgetary pressures, the government does not intend to reduce investments – on the contrary, 2026 will witness a record level of investments.

“We assume to go with this deficit, so as not to stop any investment that can be made next year. Half of the additional expenditures will go into investments”, emphasized the minister.

From the economic growth programme agreed with the European Union alone, Moldova will benefit from 5.6 billion lei - the largest allocation so far.

The minister listed the main areas that will benefit from additional funding: small and medium enterprises: over 1 billion lei; energy storage and generation: 560 million lei; agriculture and rural environment: almost 500 million lei; local and regional development: 280 million lei; rail infrastructure: approximately 200 million lei; energy efficiency in the residential sector: 185 million lei.

“The number one priority in the energy sector stays reducing invoices through investments in energy efficiency, followed by increasing population’s incomes, so that the transition from compensations to real savings is sustainable”, said Gavrilita.

Negotiations with IMF: no salary cuts or layoffs

When asked about potential measures required by the IMF for budget adjustment, the minister was firm.

“We will not allow salary cuts. We will not resort to layoffs where they are not justified. The solution comes not from cuts, but from growth of revenues and refinancing expensive debts”, the minister also said.

Gavrilita specified that the government was set to propose reforms that will bring additional revenues to the budget, without shocks or unpredictable measures for citizens and businesses.

The new salary law: more equity and correcting discrepancies

The minister confirmed that the cabinet was working intensively on a new salary law, with the ambition to present it in a few months and enforce it starting from September 1, 2026.

The main goal: more equity in the system.

“Today, there are top state executives with low salaries and, at the same time, individuals with incomes ten times higher. I’m not saying it should be the reverse, but we certainly need uniformity. In some agencies, salaries are exaggerated, and these discrepancies need correction”, stressed Andrian Gavrilita.

The new law will focus on increasing salaries for employees with low incomes, while some positions with very high remunerations might be adjusted.

Outlook for 2026–2027: stability, predictability and responsibility

The Ministry of Finance intends to finalize both the 2027 budget and the fiscal policies in the first half of 2026, in order to ensure predictability for the business environment and citizens.

“We will not make sudden or unpredictable changes. The objective is a uniform and sustainable growth, supported by own revenues and advantageous financing”, summarized the finance minister.