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Belarus to borrow $500m on new markets in 2019 to bolster gold, foreign exchange reserves

Economy 06.11.2018 | 18:55
Maksim Yermolovich. An archive photo
Maksim Yermolovich. An archive photo

MINSK, 6 November (BelTA) – Belarus intends to borrow $500 million on new markets in 2019 in order to keep up the level of the gold and foreign exchange reserves. Belarusian Finance Minister Maksim Yermolovich made the statement during the economic forum KEF 2018 on 6 November, BelTA has learned.

“As part of the next year's state budget the Finance Ministry intends to raise extra $500 million to beef up the gold and foreign exchange reserves. The Finance Ministry is technically ready to raise the funds but the decision will depend on the state of foreign markets, on whether the government will be comfortable with the borrowing terms,” said Maksim Yermolovich.

“We don't need money that much in 2019. It will be a convenient time for reaching the markets we have not been present on yet,” said the finance minister. “This is why we should test the markets in order to feel comfortable and safe in 2020 and 2021.” The official said it is necessary to start working hard right now in order to be able to raise $1.5 billion on foreign markets every year. “If we manage to do it and there are no external economic shocks, the domestic economy looks rather understandable and transparent in its current state in this period, we will not have problems with the gold and foreign exchange reserves, with servicing and repaying the state debt. We will get on track to improve the quality of the budget policy, which I hope for a lot,” said the finance minister.

When asked about maiden markets, Maksim Yermolovich mentioned Russia and China.

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