Belarus to pay creditors over $4 bn in 2015

Belarus to pay creditors over $4 bn in 2015

In 2015, Belarus needs to repay more than $4 billion in internal and external public liabilities.

According to Belarusian media, Belarus will need about $3.1 billion to transfer to the repayment and servicing of the external public debt.

Repayment and service of debt formed in connection with the issue of five-year Eurobonds by Belarus in 2010 accounts for the largest volume of foreign currency payments. The country will need almost $1.2 billion for repayments on these obligations.

Belarus also needs to pay $716.3 million to Russia for bilateral loans. In addition, the country needs to pay $541.2 million to the EurAsEC Anti-Crisis Fund.

Loans to China and Venezuela will set Belarus back further $380.4 million and $121.8 million respectively.

In 2015, the Republic of Belarus will service and repay the domestic currency government debt, which amounts to about $1 billion.

According to the Belarusian Ministry of Finance, the repayment of foreign debt in 2015 will require $1.9 billion of budget revenues from export duties on oil products. Further $330 million will be taken from duties on Belarusian oil exports.

In addition, to meet commitments under the government's foreign debt in 2015, Belarus intends to offer bonds for $1 billion in the international market and loan about $800 million via domestic bonds.

In view of the peak payments on external debt, which began in 2013, the National Bank of Belarus said in its 2015 Monetary Policy Guidelines that foreign exchange reserves will not increase.

In 2013, Belarus repaid $2 billion in foreign debt. In January-November 2014, $4.23 billion was allocated for these purposes.