Belarus: Government to borrow USD 1.5bn abroad in 2016, Eurobond may be issued

The government is going to borrow USD 1.5bn abroad this year, the government news agency Belta reported today, citing Deputy EconMin Yury Seliverstov. Thus, the target has not changed compared to last December. Seliverstov said Eurobonds could be issued. Last December, FinMin Vladimir Amarin said up to USD 1bn of Eurobonds could be issued in 2016. Belarus pins its hopes on a new loan from the Russia-dominated Eurasian Stabilisation and Development Fund. The IMF is unlikely to approve a new loan as President Aleksandr Lukashenko made it clear recently that no reforms were planned to overhaul the economy, and that IMF recent advice would not be heeded.

Belta also cited Seliverstov as saying that the state budget for this year would most probably be revised in Q2 2016. PM Andrey Kobyakov said earlier this month that a hole equalling 14% of the consolidated budget expenditure was expected if the average price of oil equalled USD 30 per barrel this year.

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