Концептуальные основы внешнего заимствования Республики Беларусь

Abstract

Resorting to foreign loans sovereign borrowers ensure the achievement of a number of important objectives, the principal of which being the following: — balancing the balance of payments of the country, — participating in international trade, — maintaining the economy development rate. These main macroeconomic objectives are interrelated and, in their turn, determine the necessity of setting up an efficient system of foreign loans and foreign debt management. In the conditions of the Republic of Belarus foreign loans have some advantages over other foreign financing sources: — a possibility of a quick use of considerable amount of finance in hard currency for economy needs, — a possible access of the recipient country to the resources of international financial organizations, — elaboration of effective procedures of project financing and investment project analysis entailing from getting foreign loans. The foreign debt of the Republic of Belarus is formed under the pressure of a member of external factors which have caused the necessity of a sharp increase in foreign borrowing (the absence of its own raw materials and the severance of the traditional economic relations). As a result, the foreign debt structure is characterized by the predominance of the projects which are not self-repaid in hard currency and tight credit lines with hard repayment conditions. Possible practical measures to improve the existing situation should be; the restructuring of the accumulated debt, the refusal to make use of the credit lines on the conditions overburdening the Republic and strict selection of projects against the newly drawn credits with the guarantees of hard currency self-repayment.