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Belarus to continue curbing state debt refinancing in 2020

Economy 05.11.2019 | 16:56
Maksim Yermolovich
Maksim Yermolovich

MINSK, 5 November (BelTA) – In 2020 Belarus will continue the policy of curbing the refinancing of the state debt. Finance Minister Maksim Yermolovich made the statement as Prime Minister of Belarus Sergei Rumas and other members of the government met with MPs on 5 November, BelTA has learned.

According to the source, the policy of restricting the refinancing of the state debt will continue as per the head of state's instructions to reduce the debt burden. At least a quarter of the payments on the state debt have to use non-debt sources, Maksim Yermolovich specified.

There are plans to raise Br4.4 billion for refinancing the state debt in 2020, including Br1.4 billion on the domestic financial market and Br3 billion on foreign ones. “Eurobonds will be used to borrow money on foreign financial markets,” Maksim Yermolovich said.

As of 1 October the debt of the general government sector stood at 36% of the GDP, 1.9 percentage points down from the beginning of the year.

Belarus' state debt is expected to reach Br54.4 billion or 37.8% of the GDP at the end of 2020. Maksim Yermolovich attributed the state debt growth in comparison with 2019 to the implementation of a number of costly projects such as the construction of the Belarusian nuclear power plant, the organization of high-technology full-cycle production in agribusiness by the Belarusian National Biotechnology Corporation.

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