Ministry: State needs to take on €2.5 billion in debt in new year ({{contentCtrl.commentsTotal}})

Märten Ross.
Märten Ross.

The state needs to take on debt obligations of about €2.5 billion next year, the Ministry of Finance has said, and discussions are underway about how to do so.

Ministry undersecretary Märten Ross told ERR this depends on the market situation and would probably not be done only with long-term bonds.

"There are many more choices and thoughts here, including depending on what the market situation might be during the year. But at the moment, demand seems to be for quite long loan instruments," he said.

Estonia issued 10-year bonds for €1.5 billion and annual bonds for €425 million during 2020. In addition, €750 million was borrowed from the Nordic Investment Bank to help the country deal with the economic impacts of the coronavirus pandemic.

An agreement has also been signed with the Council of Europe Development Bank to borrow €200 million but this money has not yet been withdrawn.

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Editor: Helen Wright

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