Belarus is going to attract loans to refinance debt not only in Russia. This follows from the amendments to Decree No. 183 of May 13, 2021, which authorized the issue of 3-year bonds in Russia in the amount of up to 100 billion Russian rubles.
Today, the National Legal Internet Portal published Decree No. 19 of January 26. It changes the preamble of last year’s decree «On attracting external state loans». Now they are attracted not only to refinance the external public debt, but also to finance «activities aimed at achieving the sustainable development goals of the Republic of Belarus.»
The changes suggest that borrowings will be made «in external financial markets», and not «on the territory of the Russian Federation». The wording of the volume of loans has also been clarified: the amount is now equivalent to up to 100 billion Russian rubles. The decree came into force on the day of signing.
The new decree does not specify in which jurisdictions bonds can be placed. As before, the bonds are expected to be placed in the period up to 2023. Their term of application will be up to 3 years.
In 2018-2019, the Ministry of Finance considered the possibility of placing government securities on the Chinese capital market.