Belarus National Debt Exceeds No Permissible Limits, Finance Ministry

22.06.2011 14:33

The national debt of Belarus does not exceed the permissible limits. This was announced by Deputy Finance Minister Vladimir Amarin in the House of Representatives. According to him, limit parameters of debt safe levels are 45% to GDP (20% for domestic public debt, 25% - foreign debt) in the current five-year term.

So, Belarus domestic debt amounted to about Br32 trillion, or $10.6 billion (19.6% of GDP) on January 1, 2011, while the external — Br29.1 trillion, or $9.7 billion (18% of GDP), BelTA.

The official noted that the accounting of Belarus internal public debt is carried out in compliance with international financial standards: without guarantees of local authorities and the government. In this regard, he said, it’s going to be reduced to Br5 trillion by mid-year. Foreign debt will also remain within acceptable limits even with the receipt of the EurAsEC first tranche, not exceeding 25% of the GDP, said Vladimir Amarin.

The deputy minister said the government had agreed to EurAsEC Crisis Fund conditions for the country’s budget deficit not exceed 1.5% each year in 2011-2013.

In addition, he said, it is not planned to attract foreign loans through the issuance of Eurobonds and bonds by the year’s end. Vladimir Amarin says there’s «no sense» in this action as «the situation is not yet favourable.»