New loans taken to pay off old debts

Official Minsk plans to refinance its external debt, Belarusian Minister of Finance Andrey Kharkavets said at a meeting of the commission on budget, finance and taxation policy of the House of Representatives on September 26.

According to him, Belarus enters a “period of maximum external debt payments” in 2013. “The sum of payments is expected to double in comparison with this year’s payments and reach $3.1 billion,” the minister stressed.

Thereon, the government considers it necessary to refinance a part of the debt package. “We will develop the following directions: firstly, receiving two tranches of the EurAsEC Anticrisis Fund’s loan at a sum of $0.9 bn. Secondly, we’ve already started our work on entering the international capital markets to place there government bonds in 2013,” Kharkavets said.

The Minister is sure that Belarus’s economic conditions will be stable in 2013. “The external debt will amount to 21.1% of the GDP (we have a limit of not more than 25%). The internal debt will be 3% with a limit of not more than 20%. Payments for the government debt will be 7.8% of country’s fiscal revenues (the limit is not more than 10%),” Kharkavets stated.

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