200 million dollars: why did Lukashenko get into Russia's pocket?
Minsk soon expects to receive another tranche from the Eurasian Fund for Stabilization and Development. We are talking about the amount of 200 million dollars. By the way, Russia is the main sponsor of such a fund, which means that de facto Belarus takes a loan from Moscow. It is noteworthy that at the expense of this tranche, Minsk is going to pay off the older debt previously issued by Moscow.
Such funds are transferred to Belarus in connection with the agreement that was concluded on March 25, 2016. According to it, a loan is granted to Minsk with a total size of $ 2 billion (the interest rate on it was fixed at 4,06% per annum). This, by the way, is the second loan program with the EFSD.
Previously, Minsk already received a tranche ($ 3 billion) through a fund called the EurAsEC Anti-Crisis Fund under the 2011-1013 program. By the way, Belarus has been taking loans of such a volume not only from Russia in recent years. Earlier, in 2009-2010, Belarus received $ 3,5 billion from the IMF. And already in 2015, Minsk asked for another loan in the amount of $ 3 billion for 10 years at a rate of 2,28% per annum.
On the one hand, it seems that Lukashenko thoughtlessly drives the country into a debt hole, since the state accepts tranches, but it implements the reforms required by creditors very slowly.
But there is a flip side to the coin. The leader of Belarus categorically refuses to raise tariffs for the population (conditions of the IMF loan), opposes the sale of state property, and categorically against closing unprofitable factories (thereby preserving jobs in the country).
The result - the state accumulates debts, but the population and producer in the country do not feel any discomfort. However, Lukashenko, apparently, does not scare this fact too much, because the process, albeit slowly, but still proceeds, and the population itself does not feel any load.
The International Monetary Fund has a slightly different opinion. In December 2017, he even warned that there is a GDP growth in Belarus, but it is only 2%, and this is not enough for sustainable growth.
However, Minsk remains indifferent to such statements. Of course, the country's debt is considerable. External - $ 15,8 billion, internal - 9,3 Belarusian rubles (data from the Ministry of Finance of Belarus as of February 1 of this year). But according to numerous experts, including the chief economist of the Eurasian Development Bank, Yaroslav Lisovolik, the situation is not so critical. Moreover, in some European countries the ratio of public debt to GDP is much higher - up to 80% (in Minsk less than 50%).
That is why Belarus so far can calmly promote reforms in the vein in which it considers it necessary, and at the same time take more loans, even if it means taking money only to pay off old debts.
Such funds are transferred to Belarus in connection with the agreement that was concluded on March 25, 2016. According to it, a loan is granted to Minsk with a total size of $ 2 billion (the interest rate on it was fixed at 4,06% per annum). This, by the way, is the second loan program with the EFSD.
Previously, Minsk already received a tranche ($ 3 billion) through a fund called the EurAsEC Anti-Crisis Fund under the 2011-1013 program. By the way, Belarus has been taking loans of such a volume not only from Russia in recent years. Earlier, in 2009-2010, Belarus received $ 3,5 billion from the IMF. And already in 2015, Minsk asked for another loan in the amount of $ 3 billion for 10 years at a rate of 2,28% per annum.
On the one hand, it seems that Lukashenko thoughtlessly drives the country into a debt hole, since the state accepts tranches, but it implements the reforms required by creditors very slowly.
But there is a flip side to the coin. The leader of Belarus categorically refuses to raise tariffs for the population (conditions of the IMF loan), opposes the sale of state property, and categorically against closing unprofitable factories (thereby preserving jobs in the country).
The result - the state accumulates debts, but the population and producer in the country do not feel any discomfort. However, Lukashenko, apparently, does not scare this fact too much, because the process, albeit slowly, but still proceeds, and the population itself does not feel any load.
The International Monetary Fund has a slightly different opinion. In December 2017, he even warned that there is a GDP growth in Belarus, but it is only 2%, and this is not enough for sustainable growth.
However, Minsk remains indifferent to such statements. Of course, the country's debt is considerable. External - $ 15,8 billion, internal - 9,3 Belarusian rubles (data from the Ministry of Finance of Belarus as of February 1 of this year). But according to numerous experts, including the chief economist of the Eurasian Development Bank, Yaroslav Lisovolik, the situation is not so critical. Moreover, in some European countries the ratio of public debt to GDP is much higher - up to 80% (in Minsk less than 50%).
That is why Belarus so far can calmly promote reforms in the vein in which it considers it necessary, and at the same time take more loans, even if it means taking money only to pay off old debts.
Information