HELSINKI (Pakistan Point News / Sputnik - 21st July, 2021) The Estonian Finance Ministry has estimated that the country will need to borrow another 1.6 billion Euros ($1.9 billion) this year, Marten Ross, the ministry's deputy chancellor, said on Tuesday.
According to the official, the Estonian economy has shown better results than expected in 2021, and the initial forecast of a 2.5 billion euro loan need was dropped to 1.6 billion euros.
Ross noted that the required loan size has been consistently declining over the past nine months.
"It is still too early to say if there is any reason for a larger revision compared to May. The economic development this summer was quite positive compared to the spring forecast," he added.
Estonia has already taken out two types of loans this year, including issuing 400 million euro worth of short-term bonds in April and requesting a 700-800 million euro loan from international credit institutions. The borrowed amount totals some 3.5 billion euros.
