17:29 Belarus asks 1.5 billion USD from Kremlin

Belarusian authorities turned to Russian authorities asking for a credit of 1.5 billion dollars. This sum is a tenth of all Belarusian income.
Our country has never received such a big sum of money. By the way, Belarusian foreign loan totals about 800 million USD. Most of it is stabilizing credits given by Russia at interest of 6-7% per year.

The new credit will make the foreign loan 3 times bigger. The Ministry of Finance informed BelTA that the credit was necessary in connection with additional expenses caused by the increase of prices for energy carriers.

The money may be used for construction of a new nuclear power-station, stabilization of the Belarusian ruble’s rate of exchange or the new sowing campaign. Russia is also interested in getting new ways of influence on Belarus.

An economist Yaraslau Ranchuk thinks it is very important that the country should not get into a situation of debt bondage: “One thing is 5 or 6 per cent of interest, and it's quite another matter when the per cent is higher than 15.

Belarus does not have a credit rating; the country’s reputation is “tarnished” by its relations with Russia. That is why this scheme may become unprofitable for Belarus in 2 or 3 years when the country may lose one of its arguments – a small foreign loan.

The future Belarusian budget will be burdened. In two or three years, when oil prices go up, Belarus will encounter new problems”.

Photo by www.mn.ru