Belarus plans to restore its position in international rankings
To restore the sovereign ratings the government needs to actually demonstrate the reform potential and the will to implement these reforms, as well as to reach an agreement with the IMF on a new program, because in the current world situation, cooperation with the IMF is a kind of guarantee for investors.None of these prerequisites have reasons for implementation and, therefore, only expensive and mostly related loans or sale of property are opened for the Belarusian authorities.
Belarus plans to restore its position in international rankings, said Andrei Kharkovets. They were reduced by two degrees in 2011. According to the minister, the job of ratings’ support requires much more aggressive promoting and defending the interests of the country.
After repeating the slogans voiced several times to stop the emission support from banks and enterprises, the minister emphasized in his speech effective operation of each enterprise, including the search for foreign investors.
Reducing the budget possibilities of participation in financing the economy and strengthening the own capacity of each enterprise must be accompanied by the development of securities market instruments, and hence the ability to self-search of resources by the companies in this market.
High level of external debt and its approximation to the parameters of the threshold sets as the primary objectives of debt management to preserve the volume of the economically safe level, improving the debt structure and provide access to all forms of borrowing, reducing the cost of borrowing, and enforcing the state’s obligations in full. Consequently, sooner or later the Finance Ministry will face the task of producing new country bonds (Eurobonds).
Currently, the cost of borrowing on external markets for the country is very high; Belarus raises funds through syndicated loans of Russian banks, refusing at the same time from cheap loans and grants of international organizations that are not willing to lend to the restoration of the administrative-command economy.
Last week, Belarusian Foreign Minister Makei participated in the foreign ministers’ meeting of the Eastern Partnership and Visegrad Group initiative hosted by Warsaw. The Belarusian FM emphasized Belarus' interest in cooperation in the transport sector, which could be due to Belarus’ desire to export electricity surplus after Belarus finished construction of the nuclear power plant in Ostrovets. Minsk expressed concerns about Warsaw’s stance on the Belarusian NPP, as it refused to buy electricity from Belarus and supported Vilnius’ protest on this issue. Following accusations by the Belarusian leadership and the state media against western states, including Poland, of training "nationalist militants", Minsk did not agree on the visit of the European Parliament deputies from Lithuania and Germany to Belarus and to the NPP construction site near Ostrovets in particular. In addition, the Belarusian authorities have stepped up efforts to enforce education in Russian in Polish-language schools in Grodno and Vaukavysk. Should a rift in Belarusian-Polish relations persist, the Belarusian authorities are likely to step up the pressure on the Polish-speaking minority in Belarus.