Romania’s Public Finance Ministry plans to attract less money from the local market through bond issuance in April, to allow the Bucharest City Hall to sell municipal bonds worth up to EUR 500 million.

The Ministry wants to make sure the City Hall would attract the needed funds to refinance a bond issue from 2005, due in June, reports local Wall-street.ro.

The April calendar is also lighter because the Government recorded a budget surplus in the first quarter of the year, said Stefan Nanu, head of Treasury.

Prime Minister Victor Ponta announced two weeks ago that the country recorded a budget surplus of RON 1.5 billion (EUR 339 million) in the first three months, even if the budget foresaw a deficit of RON 6 billion (EUR 1.3 billion) for this period.

editor@romania-insider.com