MINSK, 10 September (BelTA) – Belarus' Finance Minister Maksim Yermolovich outlined the ways to smooth out the peak payments on the state debt as he talked to the STV TV channel, BelTA informs.
When asked about the measures to reduce the debt burden on the budget, Maksim Yermolovich stressed that it was important to smooth out the peak payments on the state debt and suggested taking efforts in three areas.
“First, we are now looking for new borrowings to refinance part of the debt, to secure a budget surplus without worsening the quality of financing of the budget-financed sector. We will settle part of the debt from our profits, approximately 25% of the sum that we need to repay, and will be working to refinance 75% of the debt. Second, we will be working to improve the debt profile, i.e. attract resources for a more comfortable period and on more comfortable terms. We are looking for the markets where the interest rates are even lower than the eurobond market where we borrowed last year and this year,” he added.
Third, we need a strategy that will provide for debt-free financing of companies. The state should not act as the primary borrower of tied loans under commercial projects but enterprises themselves, Maksim Yermolovich said.
