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70% 60% 50% 40% 30% 20% 10% -10% -12% 2010 2011 2012 PUBLIC DEBT FISCAL DEFICIT Source: MOF, Geostat, forecasts as of 2nd draft of 2022 budget 0% -2.0% -1.9% -2.4% -2.7% -2.1% -2.7% -2.5% -2% -2.9% -1.7% -2.6% -2.8% -2.3% -4.4% -4% -6% -6.7% -5.3% -8% 2013 2018 2019 -9.3% Note: Deficit calculated as net lending / borrowing minus budget lending PUBLIC DEBT AS % OF GDP Source: MOF, Geostat, forecasts as of 2nd draft of 2022 budget Total public debt to GDP, % 2016 2017 2020 2021F 2022F 2023F 2024F 2025F 70% 180% Public debt/GDP capped at 60% 52.5% 60% 150% 48.5% 120% 42.5% 50% 90% 34.9% 40% 60% 30% 30% 20% 0% 10% External public debt to GDP, % 2018 2019 2020 2021F 2022F 2023F 2024F do 2025F Multilateral 59% Domestic 19% External 81% BREAKDOWN OF THE PUBLIC DEBT Source: MoF, as of 31 August 2021 Bilateral 17% Eurobond 5% GROSS GOVERNMENT DEBT/GDP | 2021E Russia Kazakhstan Turkey Moldova Uzbekistan Belarus Czech rep. Lithuania Latvia Romania 52.5% Georgia Ukraine Poland Slovakia Armenia Hungary Slovenia Croatia Spain Canada Montenegro Singapore Italy External public debt portfolio weighted average interest rate 0.98% Contractual maturity 20.6 years Source: IMF, MoF 47

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