Expert: Idiots have driven country into debt

A well-known Belarusian economist Leanid Zaika believes that it is not for Belarus now to take out loans.

Yesterday during a press-conference Chairperson of the Board of the National Bank of Belarus Nadzeja Yermakova stated that the Belarusian government continues talks with the International Monetary Fund: “Our request concerning continuation of the loan program has been received by the IMF, and we are to continue conversation on this issue in February.”

The head of the NBRB explained that Belarus had put forth a proposal of its debt to the IMF. This debt is about $3.8 billion, “Tovarishch.online” reports.

“Belarus does not need loans now. It is like a medical opinion: to take loans is contraindicated!” Leanid Zaika says.

He explained his opinion by the fact that the joint debt of the country is already more than $25 billion.

“It makes more than $2,500 per each citizen. Do our people understand that every family of four persons owes more than $10,000? People do not know that. They are buying cars, taking loans…” the economist stressed.

As said by him, there would be no political approach in considering the issue of granting a loan by the IMF.

He has stressed again that he “finds no sense in this loan”: “We have $8 billion of reserves, so what’s more? Why should we take loans, who is going to repay them? Some idiots had recommended Lukashenka to launch Eurobonds. I was a principled opponent of Eurobonds for 15 years. Now we are to pay 14-16% per annum for them. They take currency from own population at 8%, and at 16% from foreigners. Aren’t they idiots?”

We remind that in the end of the year at a press-conference for foreign and Belarusian mass media Alyaksandr Lukashenka stated that the real volume of the loan from the IMF at conditions suitable for Belarus could make $2.5-3 billion. “Even if they give us 5 billion, we shall agree. But I think that the realistic volume is 2.5-3 billion, if they are not going to set forth unacceptable terms for us.”