On January 1st, 2014, Belarus’ gross foreign debt was 54.8% of GDP
According to the National Bank, Belarus’ gross public debt in 2013 increased by USD 5.4 billion by January 1st, 2014 and totalled USD 39.1 billion, which means that repayment of external debt depends on the stability in raising new loans.
Moreover, public debt servicing costs will grow steadily. Most likely, the authorities will have to issue new government bonds aiming at foreign export markets. Also, potentially, the government will have to down-price the privatized state assets and increase the pressure on the banking sector in order to attract capital from foreign banking institutions.
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.