Belarus intends to distribute credit risks
On November 14th, Deputy Finance Minister Ermolovich announced that Belarus would place new Eurobond issue on the international financial market in 2015 worth circa USD 1 billion with 10-year maturity period. Belarus is issuing new bonds for private and legal persons in order to ensure she has enough resources to support her international reserves (this issue becomes crucial since Russia’s funding opportunities are limited). In addition, Belarusian state banks might attract syndicated loans, some state owned enterprises might be privatised and one or two large enterprises might announce IPO independently. The most desirable scenario is that one of the leading European banks becomes a shareholder in a Belarusian bank or that a new bank is founded, mainly with the European capital, which would attract cheap resources from the European market in order to modernise the Belarusian economy.
President Lukashenka has met with the head of Chechnya Ramzan Kadyrov, who visited Minsk and the Minsk Automobile Plant. Minsk has always sought to have independent links with Russian regional elites, partially, to compensate for the Kremlin's diminishing interest in Belarus. In recent years, Belarus’ contacts with the Russian regions have been extremely intense. However, with some leaders of Russian regions, primarily heads of large republics, communication was more difficult to build. As many analysts in Minsk suggested, Minsk could regard contacts between President Lukashenka and the head of Chechnya as an additional communication channel for relieving tension in relations with the Kremlin. However, most likely, a trusting relationship with Kadyrov is a value for Minsk as such, provided Kadyrov’s broad business and political interests, and a high degree of autonomy for the Chechen leader from the Kremlin.