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.
