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Economy
10 December 2021, 12:36

Belarus eager to refinance state debt with Russia's aid in 2022

MINSK, 10 December (BelTA) – Belarus intends to work with Russia in 2022 in order to refinance the state debt, BelTA learned from Belarusian Finance Minister Yuri Seliverstov on 10 December.

According to the source, Belarus will have to spend about Br10 billion to pay off foreign debts in 2022 or about Br2 billion more than in 2021. “It is a scheduled payoff. We intend to work with our colleagues from Russia on refinancing some of the debts. We are working with the Eurasian Fund for Stabilization and Development. Apart from that, we have foreign currency leftovers, which will be used for these purposes if necessary,” Yuri Seliverstov said.

The next year's state budget will have a deficit. “Leftovers from previous years will cover the sum. We had a surplus in previous years and put aside a cash cushion to use if necessary. This year's deficit was initially set at Br4 billion to be later revised upwards and is now estimated at somewhere around Br2.5 billion. In other words, the leftovers we intended to use this year will be preserved. We will use them next year if necessary,” the finance minister said.

In his words, all the expenses in the next year's draft budget are limited for now except for welfare payments. “We use this approach virtually every year. If we get additional sources of income, we are going to distribute them,” he added.

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