Minsk will be attracting new loans.
The 2 billion dollars that Russia provided couple days ago is obviously not enough to cover various negative balances in Belarus. The opinion comes from an economist Leanid Zlotnikau, Bealrusian News reports.
“The government alone owes over three billion. Plus there are enterprises, they buy foreign currency. Banks too buy foreign currency, because in order to control the exchange rate the National Bank has to sell. Money is not only needed to pay the state’s debts, but for market interventions, otherwise currency devaluation may happen. If we take into account the amount of debts to be paid and at least expected balance of the current account, then it accounts to 10-11 billion in terms of what needs to be paid”.
Thus, the economist predicts that the authorities will be attracting more loans.
“This has already been announced: there 800 million worth bonds in the world’s market, 800-900 million – in the domestic. This will not suffice to cover for the currency influx that is needed”, — Leanid Zlotnikau said.
We would remind that on 25 December at the session of the State Council of Russia and Belarus Vladimir Putin promised to allocate a loan for Belarus in the amount of 2 billion dollars.
“The government of the Russian Federation made the decision to provide assistance to our colleagues due to what is taking place in world markets, and provide the Republic of Belarus with additional borrowed funds in the amount of up to 2 billion dollars in 2014”, — he claimed.