New President to face financial crisis in 2013?
This will be the time to pay the majority of debts. It will be necessary to pay back to the International Monetary Fund and Russia. The sum needed to pay Belarus’ foreign debt has been calculated for the first time. Most of it will have to be paid in 2013-2014, writes an economist Syarhei Chaly in his blog. In his opinion, Belarusians will feel this change.
Chaly: “There will be one billion of the debt in 2012 and 2.2 billions in 2013… It will be rather noticeable because our GDP is about 40 billions and 50% of it is for the budget. It turns out that the debt that will have to be paid will total 10% of the budget. The sum is rather big”.
The economist has urged the authorities to start doing something about the problem now. The results of the pre-election campaign will affect the economy and a new anti-crisis programme will be needed, says the expert:
Chaly: “I am starting to think what will happen after the elections. What will have to be done about the economy? The main problem is structural; it concerns the structure of paying the debts and means there will be a sudden change by 2013-2014. It will be necessary to pay the Russian debt and the credit of the IMF… It will either be necessary to do something about the economy to make it work by that time or to look for mechanisms of financing the debt – to borrow again in order to pay the debt”.
Photo by: magicseo.net
Chaly: “There will be one billion of the debt in 2012 and 2.2 billions in 2013… It will be rather noticeable because our GDP is about 40 billions and 50% of it is for the budget. It turns out that the debt that will have to be paid will total 10% of the budget. The sum is rather big”.
The economist has urged the authorities to start doing something about the problem now. The results of the pre-election campaign will affect the economy and a new anti-crisis programme will be needed, says the expert:
Chaly: “I am starting to think what will happen after the elections. What will have to be done about the economy? The main problem is structural; it concerns the structure of paying the debts and means there will be a sudden change by 2013-2014. It will be necessary to pay the Russian debt and the credit of the IMF… It will either be necessary to do something about the economy to make it work by that time or to look for mechanisms of financing the debt – to borrow again in order to pay the debt”.
Photo by: magicseo.net
