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Belarusian Finance Ministry calm about new restructuring of debts of state-run enterprises

Economy 29.11.2019 | 19:22
Maksim Yermolovich. An archive photo
Maksim Yermolovich. An archive photo

MINSK, 29 November (BelTA) – The new restructuring of debts of state-run enterprises will not pose any risks for the state budget, BelTA learned from Belarusian Finance Minister Maksim Yermolovich on 29 November.

The official reminded that in 2015-2016 the government managed to come up with solutions for enterprises in distress. “The Finance Ministry worked with banks and the state budget to preserve the enterprises and their manufacturing potential, to keep them operational, and enable conditions to allow them to keep working and replenishing the budget in 2015-2016,” he remarked. Back then the debts of the state-run enterprises were restructured.

“The five-year period for restructuring these debts is nearly over. We see a considerable improvement of the situation at some enterprises. They handle their current commitments and are starting to pay back the money to the banks and the budget little by little. One can say these enterprises are back on track,” the finance minister explained. At the same time some enterprises are still in trouble. New decisions to restructure their commitments need to be made. The number includes agricultural enterprises and a number of enterprises where the situation is not getting better, including due to the current state of foreign markets.

“At present the Finance Ministry has a number of draft presidential decrees under consideration. They provide for a new restructuring of the commitments of the state-owned enterprises. The measure does not present any additional risks for the state budget. These debts have been restructured before. Now we just have to extend the time for restructuring,” Maksim Yermolovich clarified. The official underlined that the Finance Ministry has a responsible attitude towards fiscal risks, constantly evaluates and monitors them. This is why the possible failure of some state enterprises to pay back the money does not threaten the budget balance.

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