MIR, 29 May (BelTA) – Belarus intends to get the sixth tranche from the Eurasian Fund for Stabilization and Development (EFSD) by the end of Q2 2018. The statement was made by Andrei Belkovets, Head of the Central Office for State Debt of the Belarusian Finance Ministry, in his speech during the Belarusbank Financial Institutions Day in Mir Castle on 29 May, BelTA has learned.
The official reminded that in 2018 Belarus has to redeem $3.6 billion as part of the state debt, including $2.4 billion from non-debt sources (customs duties on the export of oil, oil products, and potash fertilizers). This sum also includes the $0.8 billion reserve, which was created last year and used to redeem an issue of eurobonds in January 2018. “We are going to borrow $1.2 billion, including $600 million with the eurobonds we floated in February and $400 million from borrowing on the home market. The remaining $200 million is the EFSD tranche we expect to receive by the end of this quarter of the year,” said Andrei Belkovets.
The Finance Ministry representative added that the last few technical matters are being resolved together with the Eurasian Fund for Stabilization and Development.
Belarusian Deputy Finance Minister Yuri Seliverstov also talked about negotiations with the EFSD. “Work is in progress. I cannot say there are any insurmountable difficulties in this regard. Our colleagues from the EFSD have suggested we should add a number of new parameters in order to continue implementing the program. The parameters are being discussed. I think we will close the credit program with the EFSD by the end of the year,” he stated.
Asked whether Belarus intends to float bonds on the Chinese market by the end of the year, Yuri Seliverstov noted that the relevant work was in progress. “There is a certain procedure — we have to get a Chinese rating. The preparation of documents to get the rating is in the final stage. I think these arrangements will be finished during the forthcoming visit of the head of state to China,” he stated. In his words, Belarus will start considering options for floating bonds after getting the rating.
BelTA reported earlier that the Eurasian Fund for Stabilization and Development (EFSD) is supposed to lend $2 billion to Belarus in seven tranches in 2016-2018. The fifth tranche was received on 25 October 2017. Belarus intended to get the sixth tranche by the end of spring.
The Belarusbank Financial Institutions Day took place in Mir Castle, Korelichi District, Grodno Oblast on 29 May. The event was timed to the release of financial reports for the year 2017 in compliance with international standards. The main purpose of the event was to deliver information about Belarusbank's performance in 2017 to foreign partners and clients. Taking part in the event were about 80 representatives of financial institutions and insurance companies, including from Germany, Russia, Switzerland, Netherlands, Slovakia, Poland, China, and other countries as well as representatives of the European Bank for Reconstruction and Development and the European Investment Bank.
