Belarus to refinance at least half of foreign debt next year - minister
MINSK. Sept 26 (Interfax) - The Belarusian government intends next year to refinance at least half of its planned foreign-debt payments, which are going to double to $3.1 billion, Finance Minister Andrei Kharkovets said in Minsk Wednesday at an expanded meeting of the country's parliamentary budget, finances, and tax policy commission.
"In 2013 will come a peak in payments on foreign debt. Payments will double to $3.1 billion. The government is setting the task of refinancing part of the debt portfolio," Kharkovets said.
Refinancing will be done partially with Eurasian Economic Community (EurAsEC) Anti-Crisis Fund monies of $0.9 billion, the minister said. The determining factor for the raising of these resources should be the authorities' macroeconomic policy supporting economic balance and the meeting of obligations to the Anti-Crisis Fund that Belarus has undertaken, he said.
The Finance Ministry has already begun preparations for the placing of Eurobonds in 2013, Kharkovets said. "We've already begun work on the placement of state bonds on foreign markets in 2013," he said.
"We are looking to refinance half of the upcoming payments," he said.
His ministry projects, Kharkovets said, that foreign state debt will amount to 21.1% of GDP and domestic state debt to no more than 3% of GDP next year. Spending on the servicing and paying-down of foreign debt will be no more of 5.1% of predicted forex earnings.
The Economy Ministry confirmed this March a target forecast for Belarus's foreign state debt in 2012 (not counting guarantees on companies' obligations) at not over 24.2% of GDP - versus 24.4% of GDP in 2011. The debt ceiling, as previously, has been set at 25% of GDP.
