The Stock Will Cost Us One Pripyatsky Reserve

Belarus is going to place obligations in Roubles on the stock exchange MICEX. However the credits, which were raised before presidential campaign, have to be repaid. With money or by implementing the will of creditors.

About plans of Belarus to place sovereign obligations in Roubles on the stock exchange MICEX reported on the 8th of September on the EBRD conference member of board of Sberbank (Savings bank) of Russia Andrey Golikov. It would be the first emission of obligations in Roubles by foreign issuer in Russia, RIA Novosti reports. As to Golikov, the program of Belarusian holdings is registered in amount of 15 billion Roubles, but the republic could issue the smaller amount depending on the market situation.

In the beginning of August Belarus has already received 592 billion USD from first placement of Euro obligations. Head of Analytical centre "Strategy" the economist Leonid Zaiko thinks that emission of obligations by Belarus — is just "distribution of promises" before presidential election campaign. But the Belarusian citizens will have to repay the credits of the state.

— The main thing is to take money now, — said the economist in the interview to news portal www.UDF.BY. — Lukashenko announced the rising of salaries, improvement of live. Of course for expenses of those who have already bought euro bounds, and of those who will buy obligations. What could Yaroslav Romanchuk promise to the people? Nothing. What could Milinkevich promise? Again nothing. But Lukashenko as the president could promise 35% rising of salaries for professions depending on budget: doctors, teachers. Alexander Grigoryevich uses the resource. Nice and (I do like such his word) elegantly he borrows money, which we will repay, we it means doctors and teachers.

Moreover, Leonid Zaiko underlined, the state could not have the money for repay the credits. However, the risk of default, like it happened 1998 in Russia, is quite low as to expert. Most probably Belarus will have to agree on conditions of those, who will buy its credits, the economist supposed.

— Buying the credits gives opportunities to make hard demands for those who like borrowing money. Someone could come and say: "Take off the trousers, Alexander Grigoryevich". As to Ostrovsky they could kick of the nobleman nest, could enforce to marry somebody. So Alexander Grigoryevich will be also enforced to marry somebody let's say Russia.

Leonid Zaiko did not except that for emission of obligation Belarus will have once to pass "let's say, Pripyatsky reserve or position of vice-premier".