Belarus Finance Ministry completes negotiations with China Development Bank on $500m loan
10 July 2019
MINSK - The Ministry of Finance of Belarus is finalizing negotiations with the China Development Bank on a loan of 3.5 billion yuan ($500 million)
Deputy Minister of Finance Andrei Belkovets made a statement to this effect at a conference on Belarus’ macroeconomic situation and banking on July 9.
In his words, Belarus’ authorities plan to borrow $600 million in external markets in 2019 in addition to bond placement.
“Initially, we counted on a loan from the Russian Federation. Today, the issue of the Russian loan is slightly postponed, but as an alternative, we have found an option with Chinese lenders (the China Development Bank). Today we are completing negotiations and replace the Russian loan with a loan from our Chinese partners,” the state news agency BelTA reports citing Belkovets as saying.
In his words, Belarus will have to pay in total approximately $3.2 billion in 2019 to take care of the country’s the external public debt, including $1.1bn in debt service payments and another $2.1bn in principal debt payments.