Belarus expects foreign debt payments to peak in 2026 as it pivots from refinancing to repayment

MINSK. Nov 6 (Interfax) - Belarus intends to refinance less of its foreign debt next year and spend more on paying down the debt, the deputy governor of the National Bank of Belarus (NBB), Andrei Kartun said.

"Next year we have one of the peak payments on foreign debts in foreign currency. A decision has been made to refinance less foreign debt and repay more so that the economy can breathe more freely," Kartun said in a video posted by the NBB's press service on Monday.

NBB data show that Belarus's gross foreign state debt stood at $37.7 billion or 46% of GDP as of July 1, 2025.