Over the years, countries around the world have faced the problem of finding sources to finance their budget deficits. Moreover, in the context of the growing budget deficit, caused by the unprecedented in the history of the world the COVID-19 pandemic, is increasingly attracting the attention of national and international policymakers. The purpose of the research is to show the importance of internal sources, like government securities, in financing the state budget deficit. Using the research methods as statistical, comparative, deduction, etc. were analysed the evolution of the government debt for different countries, particularly in the Republic of Moldova. The paper concludes that the developing of the government securities market is a complex process associated with the development of the financial market of each country. Thus, there are highlighted the ways of the development government securities market, in order to provide the needs financing of the state budget balance (deficit) at an acceptable level of expenditure on medium and long term to achieve economic growth.