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16 Apr 2020

Finance Ministry: No problems with Belarus’ state debt commitments

Finance Ministry: No problems with Belarus’ state debt commitments
An archive photo

MINSK, 16 April (BelTA) – Belarus is experiencing no substantial problems with honoring its commitments regarding the state debt, BelTA learned from Belarusian Finance Minister Maksim Yermolovich on 16 April.

The finance minister said: “We’ve been experiencing no substantial problems this year with discharging the obligations to pay the interest and the principal of the state debt.”

Maksim Yermolovich explained how changes of the exchange rate of the Belarusian ruble affect foreign debt payments. In his words, the reserves had been formed in the national currency and foreign ones. “We bear in mind forex risks in the course of our work,” the finance minister noted. “Exchange rate changes will not have any substantial effect on the execution of the state budget and state debt payments.”

He described the absence of a comfortable access to international borrowing markets as this year’s complication. Maksim Yermolovich said he hopes the situation will be temporary. “We work with all the international financial organizations in order to make our payments with regard to external commitments and fulfill plans on raising external resources this year regardless of how the situation with access to foreign borrowing markets unfolds,” he added.

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