Belarus plans to restore its position in international rankings

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April 22, 2016 18:04

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.

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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.

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