June 22 (SeeNews) - Romania's finance ministry said on Thursday it plans to sell 7.5 billion euro ($8.3 billion) worth of eurobonds on the international markets in the following two years.
Romania plans to borrow 4 billion euro through the issuance of eurobonds in 2018 and a further 3.5 billion euro in 2019, the finance ministry said in its debt management strategy posted on its website.
The ministry also estimates gross funding needs at 62.6 billion lei ($69.9 billion euro) in 2018 and at 60.4 billion lei in 2019, down from this year's estimate of 63.9 billion lei.
"Between 2017 and 2019, Romania will cover its financing needs by issuing government securities on the domestic market, by issuing eurobonds on international capital markets and, in addition, by contracting external loans from official creditors (financial international institutions) under advantageous conditions for the Romanian state," the ministry said.
So far this year, the finance ministry has sold government securities worth some 23.5 billion lei and 240 million euro and has tapped foreign markets for 1.75 billion euro of 2027 and 2035 eurobonds.
At the beginning of March, the ministry said it planned to sell about 2.5-3.0 billion euro of eurobonds on the international markets and some 48-50 billion lei worth of leu-denominated domestic debt this year.
(1 euro=4.5915 lei)