Economist, Leanid Zlotnikau, believes that the International Monetary Fund issues loans to Belarus in order to prevent a chain reaction in case of default. "And if a default occurs, then it provokes non-payments in the entire chain — from Belarus to other countries, that could affect the international monetary system", the expert explained.
According to the economist, the IMF credits the countries with economies in unsafe condition. «Our economy is in such a condition, we know about it», Leanid Zlotnikau said. «And the IMF confirms that, because otherwise, the fund would not even consider the possibility of loan issue».
The expert also supposes that «the IMF will now argue about the fact whether these loans help to prevent a default in Belarus». «Because, if Belarus doesn’t take measures to tighten the belt to reduce the trade deficit and decrease population’s consumption , as now is being done in Greece, the IMF can come to the conclusion that nothing will help Belarus and will not issue the loan», Belarusian service of Radio Liberty quotes the words of Leanid Zlotnikau.
According to the economist, Belarusian authorities in a special letter addressed to the IMF «make excises» for the budget deficit and propose measures to minimize the effects of «oil shock». «In particular, it’s planned to implement the» rationalization «of oil sector by reducing the production and increasing its efficiency. The subsidies to the oil sector have been already eliminated and increased the prices of petroleum products», the expert said.
Leanid Zlotnikau notes that it’s planned to increase the excise rates on tobacco and alcohol products by about 10%. «Moreover, contribution rates in innovation funds and taxes in the primary sector will be rised. Thereby, according to authorities, such measures will let compensate about five trillion rubles, or over 80% of the» shock «, the economist summed up.
