Finance ministry seeking to secure refinancing for debts to Russia

January 16, BPN. Minsk is trying to negotiate loan refinancing with Russia instead of asking for new loans, Finance Minister Juryj Sielivierstaŭ told Belarus 1 in an interview broadcast on January 16.

“We need to define the relationship with our debt partners,” he said, noting that over 70 percent of the creditors are from Russia. “We also need to discuss with them how we will move forward because it is clear that we will not be able to enter the European market and borrow there because of sanctions,” he added.

Belarus has to settle its debts with the Eurasian Fund for Stabilization and Development as well as repay loans to Russia, he said. It can borrow at the Russian stock exchange to offset the loss of access to European capital markets, he added.

“It’s not about increasing borrowing, but refinancing the debts we already have,” he said, noting that Minsk seeks refinancing for a part of its total debt, not 100 percent.