Page 21 - BELRptApr19

5.2.1 Import/export dynamics
In 2018, Belarus' export of high-technology products increased by 20% and neared $14bn , Chairman of Belarus' State Science and Technology Committee Alexander Shumilin told the media on 12 March, BelTA has learned. “We have significantly increased the export of IT services, advanced into new markets, launched supplies of high-technology products to Spain, African countries,” Alexander Shumilin said. High-technology products accounted for 33.2% of the total Belarusian export in 2018, which was 1% up over 2017.
5.2.2 Gross international reserves
The foreign exchange reserves of Belarus increased by $77.5mn, or 1.1% month-on-month, to $7.1 in February following a 2% m/m decline in January, the National Bank of Belarus (NBB) said in a statement on March 7.
The result was attributed to the purchase of foreign currency by the central bank on the Belarusian Currency Stock Exchange; the receipt of funds in foreign exchange to the budget, including export duties on oil and oil products; as well as proceeds from the sale of government bonds denominated in foreign currency.
According to the central bank's monetary policy guidelines, the volume of international reserve assets by early 2020 should be at least $7.1bn, the statement reads.
Belarus is going to raise $2bn via Eurobond placements in 2019-2020, according to a special decree inked by the nation's President Alexander Lukashenko in November. Belarus tapped the international debt market in February 2018 with a new $600mn issue of 12-year Eurobonds with 6.2% coupon, following January's drop in the nation's foreign exchange reserves by 11.5% month-on-month, to $6.477bn.
According to officials in Minsk, the country also expects to receive $1bn from Russia as an inter-governmental loan soon.
In October, the Russia-led Eurasian Fund for Stabilisation and Development (EFSD) allocated a $200mn support tranche to Belarus from the lender's $2bn loan agreed with Minsk in 2016. The EFSD's move seems to be purely political, as Belarus has failed to meet benchmarks in five out of 25 indicators (including three control indicators) by the initial deadline of October 1, 2017.
In November, Belarus’ Finance Minister Maksim Yermolovich told journalists that Minsk should repay around $5.4bn of the state debt in 2019-2020. "Some of the $5.4bn will be refinanced. In the to-be-refinanced part $2bn will be raised as untied credit resources, which we are going to get abroad by floating the relevant bonds for a broad spectrum of investors," he said.
21 BELARUS Country Report April 2019 www.intellinews.com