Belarus puts negotiations with IMF on hold as issue with funding of public debt has been resolved

The Finance Ministry has announced a break in talks with the IMF over a new loan programme. Belarus needed the IMF loan to refinance public debt and she was ready to meet some of the requirements. However, due to a success with sales of Eurobonds worth USD 1.4 billion in June 2017, and the receipt of a USD million tranche from the Eurasian Development Bank, Belarus has somewhat lost interest in talks with the IMF. Hence, the projected reforms would be postponed, the growth in housing utility services (one of the IMF requirements) would be coordinated with the household income growth, and the state support for the economy would increase. Belarus has resolved the issue with repaying due public debt for 2017 – early 2018. She would continue borrowing on the domestic market as the yield on foreign currency bonds continues to reduce in order to reduce public debt servicing costs.