18 May 2020 17:40

Belarus in talks to borrow $3 bln - finance minister

MINSK. May 18 (Interfax) - Belarus is in talks to borrow $3 billion from abroad, Finance Minister Maxim Yermolovich said.

"The overall amount on the negotiating agenda of the Finance Ministry and National Bank is equal to $3 billion," he told the Belarusian ONT TV channel.

Belarus is looking to borrow extensively to support and stimulate an economy in recession due to the coronavirus pandemic. Belarusian First Deputy Prime Minister Dmitry Krutoi in the middle of April estimated potential borrowing at $2 billion-2.5 billion.

Reports have said Belarus is in talks to borrow money from the International Monetary Fund, World Bank, European Bank for Reconstruction and Development, European Investment Bank and Asian Infrastructure Investment Bank. Talks are also under way with China regarding two sovereign loans.