英语翻译
During the period after 1989,Romania faced more and more to public debt
accumulation as a new matter of macroeconomic policy,in contrast to other Central
and East-European countries such as Bulgaria,Czech Republic,Hungary or Poland.
While the external debt of Romania was insignificantly in 1990 (US$230 million),
the other Central and East-European countries were already confronted with debt
amounts of many billions of USD (Hungary – US$21.3 billion,Bulgaria – US$10.9
billion,the Czech Rep.– US$4.4 billion).In the case of Poland,the figure was close
to US$50 billion.Eight years later,in 1998,the external debt of Romania had already
increased up to more than 9 billion USD,while the other countries (with the
exception of the Czech Republic,where external debt was five times larger than in
1990) registered either a modest growth (e.g.the case of Hungary,with a growth of
US$5.5 billion) or even a diminution (Poland,with more than US$6 billion,partially
caused by cancellation of a proportion of its external debt,and in Bulgaria with close
to one billion USD).One of the weakest performance of the Romanian economy
after 1989 was the poor experience regarding the management of public debt and
budget deficits.
The evolution of the external debt in Romania,as a share in GDP evaluated in
US dollars and respectively in Lei,is shown in Figs 1 and 2.The statistical data on
which graphs were based are presented in Appendix 1.
Contrary to the advanced countries,the external debt is in Romania the main
component of the total debt.However,in later years one can see that accumulation of
domestic public debt became a more important source to cover deficits.For instance,
in 1998 it represented almost 8% of the GDP.This evolution is directly related to the efforts meant to improve the management of domestic debt,especially by enacting a
new rule in April 1997 regarding the development of a secondary market for state
obligations,restricting access to the external sources of financing and taking over in
public debt an important volume of non-efficient credits.For instance,the share of
the state loans approved by special normative documents evolved as follows:in 1992
– 8.1%; in the 1993-1996 period – an average level of 5.7% (with a maximum share
of 11.7% in 1995); and in 1998-1999 – more than 30%,during an accelerating
restructuring process of the banking system.