Page 24 - BELRptOct18

6.2 Debt
Belarus - Gross external debt 2011 2012 2013 2014 2015 2016 Jan-Sep 2017
Gross external debt (USD bn) 131,628 133,602 145,982 160,653 152,642 152,327 115,518
Gross external debt (% GDP)
53.0 54.6 50.7 51.9 58.1 76.1 75.4
Source: CEIC
Belarus’ external state debt of Belarus totalled $16.5bn as of August 1,
down by $179mn or 1.1% from early January. The result was mainly attributed to a $600mn placement of a 12-year Eurobond with a 6.2% coupon. Belarus also borrowed $515.1mn from Russian banks and the government. The government in Minsk also borrowed $302.5mn from Chinese banks; $86mn from the International Bank for Reconstruction and Development (IBRD); and $3.3mn from the European Bank for Reconstruction and Development (EBRD) and the Nordic Investment Bank (NIB).
As of 1 August 2018, Belarus' external debt totalled $16.5bn, down by $179mn or 1.1% from the beginning of the year (taking into account differences in currency exchange rates), BelTA learned from the country's Finance Ministry. In January-July 2018, external state borrowings totalled $1,506bn, including $600mn in eurobonds, $515.1mn borrowed from the Russian government and banks, $302.5mn from Chinese banks, $86mn from the International Bank for Reconstruction and Development (IBRD), and $3.3mn from the European Bank for Reconstruction and Development (EBRD) and the Nordic Investment Bank (NIB). Since the beginning of the year, Belarus spent $1,592bn to repay the external debt, including $800mn in eurobonds, $337.7mn paid to Chinese banks, $244.3mn to the Russian government, $176.6mn to the Eurasian Fund for Stabilization and Development, $32.5mn to the IBRD, $0.7mn to the United States, and $0.4mn to the EBRD and the NIB. As of 1 August 2018, Belarus' government debt totalled Br42.1bn, down by Br23.8mn or 0.1% from 1 January 2018. The internal government debt amounted to Br9.2bn as of 1 August. Taking into account differences in currency exchange rates, the internal government debt rose by Br16.5mn or 0.2% from the beginning of the year. In January-July 2018, the Belarusian government sold $264.9mn worth of domestic government bonds nominated in foreign currencies to corporations and individuals and redeemed domestic government bonds nominated in foreign currencies and Belarusian rubles for corporations ($240.3mn) and individuals (Br23.1mn).
Near-term external financing risks have declined due to the pre-financing in 2017 of payments due in 2018 through market and official borrowing, and due to an increase in international reserves.
FX debt service is $2.6bn (not including Eurobond payment) in 2018,
which will be covered by a mix of multilateral financing, local market issuance, use of FX cash buffers and potentially a new international bond issuance. FX liquidity in the local market and FX government revenues derived from custom
24 BELARUS Country Report October 2018 www.intellinews.com