Moldova's Public Debt Used Primarily for Current Expenditures, Audit Finds

The Court of Auditors’ 2025 audit report warned that Moldova’s public debt is increasingly financing day‑to‑day spending rather than investment. By the end of 2025 the public sector debt rose to 138.5 billion lei, about 13 billion more than the previous year, and debt per capita grew from 29,600 to 55,800 lei. Of the 12.2 billion lei borrowed externally in 2025, 9.3 billion financed the state budget while only 2.9 billion funded investment projects. The report highlighted a growing dependence on short‑term financing and frequent refinancing, which heighten budgetary risks. Strategic enterprises such as the Railways of Moldova saw their debt rescheduled through eight successive amendments without achieving financial stability, illustrating the broader trend of postponing solutions while borrowing continues to support consumption.