OREANDA-NEWS. August 15, 2011. The ratio of the gross foreign debt of the country to GDP is projected to reach 69%-73% by the end of this year, Deputy Prime Minister of Belarus Sergei Rumas said during an enlarged meeting of the Council of Ministers.

“With real GDP growth expected at 7% in 2011, gross foreign debt to GDP ratio is projected at 69%-73%,” Rumas said.

He added that the substantial amount of the debt meant an increase in payments to service the debt. “Payments for the current foreign debt will amount to over USD 3 billion in 2013 and 2014 [annually]. Our gold and foreign exchange reserves are a bit more than USD 4 billion now, ad the Economy Ministry and Finance Ministry need to work out a clear strategy to identify sources to repay the foreign debt,” Rumas said.

He said that starting 2009, the gross foreign debt had been growing fast. “Its ratio to GDP rose more than 120% to 55.4% on April 1, 2011, exceeding the limit outlined in the National Security Concept, at 55%,” Rumas said.