External borrowings of the Republic of Belarus: current state and prospects

The article provides the analysis of the current state of external borrowings of the Republic of Belarus and offers the perspective measures of their development. The paper studies quantitative and qualitative parameters of the external public debt of the Republic of Belarus in dynamics, including the structure according to the types of debt obligations and main creditors.During the conducted research the authors established that the external public debt of the Republic of Belarus is characterized by an upward trend. The paper concludes that the role of external sources of public debt financing is increasing. The external sources of financing are presented generally by credits and loans and also by debt securities. The article reveals that the Government and banks of the Russian Federation are the main creditors of the Republic of Belarus.As an alternative source of external borrowings of the Republic of Belarus the authors suggest to place government bonds on foreign financial markets, which have obvious advantages over loans and credits of foreign states and international financial organizations.The paper substantiates and calculates the efficiency of placing Panda bonds by the Republic of Belarus on the Chinese financial market in comparison with placing Eurobonds on the Irish and Luxembourg stock exchanges.The features of the first government bond placing on the Chinese financial market are indicated from the prospect of the emergence of new opportunities for external financing of the Republic of Belarus.