Lukashenka is not trusted with tranche
- 27.02.2012, 16:47
Belarus will not receive another, the third tranche of the loan from the Anticrisis Fund of the Eurasian Economic Community, $440 mln, on time, which is before February 28.
Creditors demand from Minsk confirmation that a tight monetary and credit policy would be conducted by Minsk, so that the financial crisis of 2011 would not be repeated. The economic policy of the Belarusian authorities before the presidential election is becoming populist again, gazeta.ru writes.
Before February 28 Belarus was to receive the third tranche from the Anticrisis Fund of the Eurasian Economic Community, $440 mln. But payment is delayed. Minsk has not fulfilled one of the key stipulations. “The volume of soft-term financing of state-run programs was not to exceed 4% of the GDP in 2011. However, in reality it was 4.5% of the GDP,” naviny.by web-resource was informed by a source in the government of Belarus.
According to the experts of the EurAsEc fund, exactly boosting of the domestic demand through soft-term financing of state-run programs became the main factor for deterioration of the balance of payments in Belarus, has caused propelling of devaluation and inflation processes.
Considering the fact that in 2011 Belarus exceeded the volume of soft-term financing of statue-run programs, now the fund has offered the Belarusian authorities to take measures which would compensate for failure to comply with this indicators last year.
But so far the Belarusian authorities are doing quite the opposite thing. They have created the Belarusian development bank, which becomes a channel of money flowing into the economy. It is planned that the Bank will issue bonds and attract financing for implementing state-run programs thanks to that. In particular, the valuable securities of the Bank could act as a bid security for receiving issuing money from the National bank.
“Last week Lukashenka held a ostentatious scandalous meeting on the issues of dairy industry development,” said Anton Platov, Delta Capita; company economist. “He stated that the entire dairy industry would be concentrated in the hands of the state, and that private owners would be removed from this business – he said that in clear text. The state financing of milk export to Russia would be continued.”
Another stumbling point in the relations of the Belarusian authorities and the Anticrisis Fund is promises of Minsk concerning salaries. In a year or a year and a half the country should reach the level of salaries before the crisis, and even exceed it, Lukashenka said last week.
“What is an average salary of $500? It is a very low level, which should be exceeded by us. And it is a task for everyone,” he said.
Last time Lukashenka increased the average salary in the country to the level of $500 by administrative leverages in late 2010, before the presidential election. That emission pumping caused the catastrophic devaluation of the Belarusian ruble as early as in April 2011.