Bad debts of industrial enterprises to Belarusian banks will be masked through bonds

April 22, 2016 19:43

Belarusian Steel Works has issued bonds with total worth USD 240.5 million for a five-year maturity period at 7% per annum in order to refinance outstanding loans to the Belarusian banks. With this operation the enterprise aimed to reduce service costs of previously issued loans and to repay possible arrears. Other enterprises with a significant debt load are likely to copy the Steel Works’ practice. Banks may force enterprises to transfer their debt into bonds, so that enterprises could use the saved money to repay debts, including on taxes and duties, and for energy. The main risk in such a practice is that banks’ foreign currency accounts could be frozen if the population continues to withdraw its currency deposits, which may require additional resources from the parent banks and foreign markets.


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Death penalty discussion in Belarus: yet not ready for either abolition or moratorium
September 18, 2017 10:43
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The Belarusian authorities have launched a discussion on the moratorium or abolition of the death penalty under the pressure of Belarusian human rights activists and international community. Apparently, the authorities are interested in monitoring public sentiments and response to the possible abolition of the capital punishment. The introduction of a moratorium on the death penalty would depend on the dynamics in Belarusian-European relations, efforts of the civil society organisations and Western capitals.

In Grodno last week, the possibility of abolishing the death penalty in Belarus or introducing a moratorium was discussed.

The Belarusian authorities are likely to continue to support the death penalty in Belarus. During his rule, President Lukashenka pardoned only one person, and courts sentenced to death more than 400 people since the early 1990s. Over the past year, Belarusian courts sentenced to death several persons and one person was executed.

There are no recent independent polls about people’s attitude about the death penalty in Belarus. Apparently, this issue is not a priority for the population. In many ways, public opinion about the abolition of the death penalty would depend on the tone of the state-owned media reports.

That said, the Belarusian Orthodox Church and the Roman-Catholic Church stand for the abolition of the capital punishment, however their efforts in this regard only limit to public statements about their stance. Simultaneously, the authorities could have influenced public opinion about the death penalty through a focused media campaign in the state media. As they did, for example, with the nuclear power plant construction in Astravets. Initially unpopular project of the NPP construction was broadly promoted in the state media, and eventually, according to independent pollsters, was accepted by most population.