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03 December 2021, 14:18

Belarus vows to honor obligations on foreign loans even in emergency

Yuri Seliverstov. Photo courtesy of the Finance Ministry
Yuri Seliverstov. Photo courtesy of the Finance Ministry

MINSK, 3 December (BelTA) – Belarus will definitely honor obligations on foreign loans, BelTA learned from Belarusian Finance Minister Yuri Seliverstov after the head of state held a government conference on 3 December to discuss the country's social and economic development.

The finance minister explained that various bodies in Russia account for over half of the sums of foreign loans Belarus owes. “Since we owe most of the money to partners in Russia, I think we will be able to come to an understanding with them,” the official said. “We are working on raising funds with our partners from the Russian Federation and with the Eurasian Fund for Stabilization and Development.”

Apart from that, Belarus' considerable gold and foreign exchange reserves as well as the remaining foreign currency earnings also inspire confidence that the country will be able to honor its debts in 2022. The level of the gold and foreign exchange reserves (about $8.5 billion) and the foreign currency leftovers allow the government to do it even in some emergency, the Belarusian finance minister assured.

The state foreign debt and plans to repay it were discussed during the government conference earlier on 3 December. Belarus President Aleksandr Lukashenko emphasized that the country should remain an impeccable payer of its liabilities. “Belarus has always honored its financial obligations impeccably. Despite any difficulties we have no right to lose this reputation,” Aleksandr Lukashenko stressed.

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