Belarus’ pay balance for 2015 does not envisage use of privatization funds

Belarus’ balance of payments for 2015 does not envisage the use of resources got from privatization, Belarusian Prime Minister Mikhail Myasnikovich reported to President Alexander Lukashenko on 11 November, BelTA has learned.

“The foreign balance of the budget for 2015 has been compiled and coordinated with the National Bank. The foreign currency expenditures have been tagged to the foreign exchange earnings,” the Premier said.

In his words, the current balance of payments is the main indicator of the economic climate in the country. “In 2015 the deficit of the current account will make up $2.8 billion, improving three times as from 2010 and 1.7 times as against 2014,” Mikhail Myasnikovich said. The deficit will be funded through $1.2 billion worth of FDI. The rest will be financed by the means raised from the allocation of public securities on the open market and a Russian loan.

“Thus, the country’s balance of payments will be financed in full in 2015 without the need to use privatization resources. Any earnings from the sales of state assets will be used to replenish gold and forex reserves,” the PM said.

“The government and the National Bank will do their best to attract some $3 billion more and hence increase the country’s gold and forex reserves,” the head of government added.

Mikhail Myasnikovich also stated that the draft budget for 2015 is formed taking into account the basic parameters of the Russian Federation as Belarus’ main trading partner. The government jointly with the National Bank has worked out several scenarios given a different exchange rate of the Russian ruble and oil prices. The draft budget also envisages additional funds to promote exports in 2015.