Minsk allowed Moscow to apply for a $3.5 billion loan due to sanctions

Belarus is considering raising a $3.5 billion loan from Russia through the Eurasian Fund for Stabilization and Development (EFSD). This was announced by First Deputy Prime Minister of the Republic Nikolay Snopkov, BelTA informs.

“The conclusion of a new stabilization program with the EFSD of the state financial loan of the Russian Federation is being worked out. The total amount of requested funds is $3.5 billion, which will make it possible to compensate for the falling European money for debt refinancing,” Snopkov said.

He called the sanctions against the Belarusian state debt sensitive. “This is a direct risk to the possibility of its refinancing, including for domestic foreign currency state borrowings,” explained the First Deputy Prime Minister.

According to him, in 2022 Belarus must repay $3.3 billion, in 2023 - $4.7 billion of external borrowings. “In the context of the refusal of most international financial organizations from cooperation with the Republic of Belarus and other options for attracting investment funds, internal resources and internal reserves are practically the only source of development and economic growth,” Snopkov said.