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.
The Belarusian authorities regard the Catholic conference as yet another international event to promote Minsk as a global negotiating platform. Minsk’s proposal to organise a meeting between the Roman-Catholic Church and the Russian Orthodox Church is rather an image-making undertaking than a serious intention. However, the authorities could somewhat extend the opportunities for the Roman-Catholic Church in Belarus due to developing contacts with the Catholic world.
Minsk is attempting to lay out a mosaic from various international religious, political and sportive events to shape a positive image of Belarus for promoting the Helsinki 2.0 idea.
Belarus’ invitation to the head of the Holy See for a meeting with the Patriarch of the Russian Orthodox Church should be regarded as a continuation of her foreign policy efforts in shaping Minsk’s peacekeeping image and enhancing Belarus’ international weight. The Belarusian authorities are aware that their initiative is unlikely to find supporters among the leadership of the Russian Orthodox Church in Moscow. In Russia, isolationist sentiments prevail.
In addition, for domestic audiences, the authorities make up for the lack of tangible economic growth with demonstrations of growth in Minsk’s authority at international level through providing a platform for religious, sportive and other dialogues.