In 2016, Belarus will require additional USD 1.5 billion in order to make public debt payment in 2016, which will total USD 3.3 billion. Export duties on oil products may raise circa 1.1 billion, part of the debt will be refinanced via placing foreign currency bonds for legal persons on the domestic market. In order to raise funds to cover the remaining external liabilities, Belarus may step up talks with the Eurasian Foundation for Stabilization and Development, may issue Eurobonds with a total worth of USD 0.5-1 billion, if rates on loans on the international market reduce. In addition, in view of the anticipated changes on the deposit market, the Finance Ministry and commercial banks may extend the offer of foreign currency bonds for individuals at 5.5-6% per annum. If oil prices fall to USD 40 per barrel, Belarus would raise only USD 800 million from export duties oil products, which means, she will require additional funding – either from borrowing on foreign markets, or by settling loan programmes with financial institutions.
