National Bank admits: Foreign debt beats record

• 17.12.2009, 11:09

As of October 1, the total foreign debt of Belarus amounted to $19,298,500,000.

Thus, the total foreign debt has increased by $4,144,400,000 (27.3%) since the beginning of 2009. The growth in the third quarter of the year was $1,674,300,000 (9.5%). The data are given by the National Bank, BelaPAN reports.

S of October 1, the foreign debt of governmental bodies has grown by $977mn (27.2%) up to $4,574,200,000 in the whole foreign debt.

The foreign debt of monetary control agencies reached $2,520,600,000 showing a 5.9-fold increase since the beginning of the year.

The foreign debt of commercial banks went up by $38.7mn (1.3%) amounting to $3,119,800,000 on October 1.

The foreign debt in other sectors of economy reached $8,325,300,000 (1.3%) showing a $998.6mn (13.6%) increase in January–September.

Direct investments (intercompany financing) grew by $39.4mn (5.4%) since the beginning of the years and reached $758.6mn on October 1.

It should be noticed that taking into account the $700mn IMF tranche, received in November, the total foreign debt of Belarus has overcome $20bn. The country may get another IMF tranche (about $700mn) until the end of the year.

The gross external debt of Belarus is the outstanding amount of those actual current, and not contingent, liabilities that require payment of principal and/or interest by the debtor at some point(s) in the future and that are owed to nonresidents by residents of an economy.

The draft budget 2010 provides for $1.1bn of foreign debts. The assets the government has already arranged are apparently meant. Belarus plans to get $800mn as a part of IMF stand-by arrangement. About $300mn are credits of foreign states and other foreign loans.