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Opinions & Interviews

24 Apr 2018

Belarus to refinance 75% of external debt

Belarus to refinance 75% of external debt

MINSK, 24 April (BelTA) – Belarus plans to refinance 75% of the external debt, Chairman of the Board of the National Bank of the Republic of Belarus (NBRB) Pavel Kallaur told BelTA on 24 April.

He spoke about the latest decisions of the government. He said that 75% of the external debt will be refinanced and 25% will be repaid from the revenues the economy will earn. He added that he was talking about 2018 and next years. “In any case this plan will remain in place till the end of the current five-year period. Refinancing is a widespread international practice. It is one of the instruments of meeting one’s obligations, All the countries take advantage of it,” said Pavel Kallaur.

When addressing the people and parliament, Belarus President Alexander Lukashenko said that the Council of Ministers and the National Bank of the Republic of Belarus will have to reduce the debt burden and reach the safety zone in the next few years. In this regard, Pavel Kallaur said that the Council of Ministers and the National Bank have been continuously working to optimize the debt burden. He noted that there is a tangible improvement in external balance of payments, in particular the current account. “This shows that the economy produces more revenue when compared to previous years,” added Pavel Kallaur.

Such indicator as the gross external debt per capita has not increased in the past three years. Meanwhile the country used foreign credit facilities to implement such important projects as the construction of the Belarusian NPP, Svetlogorsk Pulp and Board Plant. This suggests that some of the debt obligations were repaid thanks to the economic growth.

Pavel Kallaur stressed that the debt burden relative to GDP will be decreasing. For this, Belarus will need to reduce the volume of new loans on the one hand. On the other, the country will have to work to increase GDP. “This is the problem that requires constant attention,” he said.

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