Having sufficient international reserves by due date will not guarantee EEU credit tranche for Belarus

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January 16, 2017 12:51

According to the National Bank, Belarus’ international reserves as of January 1st, 2017 totalled USD 4.9 billion, i.e she met one of the key requirements for the fourth tranche from the EEU Anti-Crisis Fund. In December 2016, Belarus repaid more than USD 360 million of public debt, translated some existing assets into the gold reserves, and the National Bank issued bonds worth more than EUR 400 million. The population is likely to retain net supply of foreign currency, the National Bank is likely to issue new bonds for private persons and corporations with a total worth USD 600 million in Q1 2017; privatisation is likely to be put off until the oil and gas dispute with Russia is resolved. In addition, Belarus is likely to seek rapprochement with the international financial institutions to expand the range of potential creditors. The EEU Anti-Crisis Fund’s third tranche has not been disbursed due to Belarus’ failure to meet three of 22 requirements set by the Fund, and Russia may suspend any further disbursements by the EEU until Belarus fully repaid due gas debt, even if Belarus meets all the EEU requirements.

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Former civil servants as new factor in unemployment growth
October 02, 2017 12:27

According to Belstat, in August 7,600 people were dismissed, including 4,800 civil servants. Dismissals of civil servants were due to the optimisation in the public administration by up to 30%. Some civil servants would retain their job however would lose the status of a civil servant. Vacancies on the labour market are likely to reduce in number, thanks to the optimisation, the state administration would increase wages for public servants. The payroll fund for retained employees is likely to increase and some former state employees are likely to get jobs in affiliated organizations. The optimisation of the state apparatus should complete by January 1st, 2018, and some former civil servants are likely to join the ranks of the unemployed.

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