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New strategy to manage state debt in Belarus in development

Economy 06.11.2018 | 18:45

MINSK, 6 November (BelTA) – The Belarusian Finance Ministry has started working on a new strategy to manage the state debt, BelTA learned from Belarusian Finance Minister Maksim Yermolovich on the sidelines of the economic forum KEF 2018 on 6 November.

According to the source, the current strategy is designed to run till 2020. “We are already working to renew it. We have a state finance management program in the works. Debts should become part of this program,” noted the finance minister.

The strategy will stipulate the main principles for managing the state debt in the long run. “In the short term we are talking about two vital factors only. The overall level of the state debt is the first one. Without reducing the debt burden we will not be able to considerably reduce the cost of servicing the state debt. This is why we should put more efforts into reducing the overall debt level,” said the official.

The quality of the borrowing portfolio is the second factor. According to Maksim Yermolovich, it is necessary to get rid of the debt commitments Belarus acquired on not very good financial terms. It is necessary to step up borrowing with the interest rates Belarus is comfortable with.

“As far as the long term is concerned, we should secure some stable debt level, some level of borrowing, which most of the European countries have,” summed up Maksim Yermolovich.

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