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Opinions & Interviews

26 Nov 2018

Belarus eager to slash state debt by 2025

Belarus eager to slash state debt by 2025

MINSK, 26 November (BelTA) – Belarus intends to reduce the state debt to 25% of the country’s GDP by 2025, BelTA learned from Belarusian Finance Minister Maksim Yermolovich on 26 November.

The official said: “As far as the state debt is concerned, as early as this year we will start honoring a number of commitments ahead of time in order to gradually reduce the debt burden in 2019 and 2020. We’ve decided on a trajectory for reducing the state debt in comparison with the GDP – down to 25% by 2025. It is half of what the economic security threshold is today. At the end of this year we will have a state debt as large as 38-39% of the GDP.”

BelTA reported earlier that as of 1 October Belarus’ state debt totaled Br44.6 billion, Br2.4 billion or 5.7% up from the beginning of the year. The internal state debt amounted to Br9.6 billion. Taking into account differences in currency exchange rates, the internal state debt increased by Br456.2 million or 5% from the beginning of the year. As of 1 October 2018 Belarus’ external state debt totaled $16.5 billion, down by $183 million (taking into account differences in currency exchange rates) or 1.1%.

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