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134 Man, M.; Marin, R.M. - Payments of interests and commissions representing 3 176 million lei. In 2008, the Ministry of Public Finance paid 23.4 million lei representing the lei equivalent of the service afferent to the public debt for the following loans contracted by the State and sub-loaned to the beneficiaries: the loan for critical imports and technical support, the loan for financing the “Gross Market”, the loan for financing the project of industrial development, the loan for financing the project regarding the preservation of thermal energy, the loan for road rehabilitation, the loan for the second stage of railway rehabilitation. It is to be mentioned that the sums retrieved from beneficiaries for such payments represented 6.7 million lei. 4. THE BALANCE OF GUARANTEED GOVERNMENTAL PUBLIC DEBT The balance of guaranteed governmental public debt at the end of 2008 represented 8 609.4 million lei and was 399.0 million lei smaller than the balance registered at the beginning of 2008. The structure of guaranteed governmental public debt is displayed by Table no. 4. Table 4. Structure of guaranteed governmental public debt - million lei - Explanations Equivalent balance on 01.01.2008 Equivalent balance on 31.12.2008 I. Governmental guaranties given according to 1 387.47 1 558.72 special laws II. Other governmental guaranties, total, out of 7 621.14 7 050.67 which: A. Guaranties given for refundable financings 7 308.86 6 706.68 contracted by economic operators B. Guaranties given for refundable financings 312.28 343.99 contracted by the authorities of the local public administration TOTAL guaranteed governmental public debt 9 008.61 8 609.39 Source: The Ministry of Public Finance The analysis of the data displayed by Table no.4 shows the following: • Governmental guaranties given according to special laws register, at the end of 2008, a balance of 1 558.7 million lei (namely 391.0 million euro). Governmental guaranties given according to special laws exclusively come from the banking field and represent damages of the litigations before Courts and extra-balance sheets engagements guaranteed in favor of the Romanian Commercial Bank S.A.; • Other governmental guaranties register at the end of 2008 a 7 050 million lei balance (namely 1 768.9 million euro), including: - Guaranties given in order to finance refundable financings contracted by economic operators representing 6 706.68 million lei (namely 1 682 million euro);
Aspects Regarding the Evolution of Romania’s Public Debt in the … 135 - Guaranties given for refundable financings contracted by the authorities of the local public administration representing 343.99 million lei (namely 86.3 million euro) in order to finance the investments works of SAPARD Program (Measure 2.1) and to finance projects. One should also emphasize the fact that in 2008 no State guaranties were emitted. Nevertheless, during that year, there were cases when the beneficiaries of external loans did not pay their external payment obligations; consequently, the Ministry of Public Finances, as a guarantor, made external payments of 498.4 million lei representing the obligations assumed through the guarantee letters emitted in favor of those beneficiaries. In 2008, 69.7 million lei were retrieved representing governmental guaranties given to beneficiaries, out of which 61.0 million lei from the Ministry of Public Finances, and 8.7 million lei from the Authority for the Capitalization of the State’s Assets (AVAS). 5. CONCLUSIONS The present economic crisis has determined a rapid growth of the public debt at a global level. At present there is a world-wide liquidity crisis of covering the short term financing needs. Although the United States of America and the countries of Western Europe visibly diminished the effects of the crisis, as a result of the State intervening, the specialists consider that the climax of the economic crisis and of extreme poverty is to be attained in 2010. In case of the countries in course of development, the scenarios of the experts of the United Nations Conference for Trade and Development foresee dramatic decreases of economic growth in 2010, poor countries being more exposed to the action of external factors. In a period when most of the countries have to face the challenges determined by the lack of sustaining internal and external public debt, we consider that the problems generated by the administration of public debt mainly focus upon the impact of the present financial crisis on the level of public debt and on the manner of administrating it. Accordingly, we consider that the managers of public debt should pay a special attention to the following aspects: • The excessive growth of the debt level and the effects upon world economies; • The risks of a high level of public debt; • The economic crises determined by the high level of public debt; • The use of public debt for goals different from those it has been contracted for; • The part and the responsibilities of the managers of public debt, taking into account their limitations; • Transparency in administrating public debt; • The part played by public auditors; • The strategies used by the national policies of administrating public debt. With each new financial crisis, the management of public debt should develop new mechanisms able to target the following purposes: • The reconfiguration of the instruments of public debts; • The monitoring of the external debt of the private field;
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Annals of the University of Petroş
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annals of the university of petroÅani â¼ economics â¼ vol. xi - part i ...