MINSK, Belarus - Minister of Finance of the Russia is hanging a loan of 3 billion dollars from the Belarus, saying Thursday that the cash is based on the neighbor of crisis-hit selling some domestic goods.
Belarus is facing a severe recession, with a currency strong reserves plunging 20 percent in the first five months of the year less than 4 billion and staple foodstuffs disappearing in stores. Trade restrictions were lifted the Belarusian ruble last month, leading to a devaluation of 300% against the US dollar.
At a meeting of the Government of the former Soviet nations in the Belarusian capital, Thursday, the Russian Finance Minister Alexei Kudrin said that his country will decide whether to approve the loan of $ 3 billion over three years early next month.
"We have a condition," said Kudrin. "Over the next three years some privatization should be carried out."
It is thought that the Russia is seeking to capitalize on the vulnerability of Belarus by acquiring stakes in energy resources as the Beltransgas, the pipeline network belonging to the State of gas that provides homes domestic and transmits gas to Europe.
Kudrin said talks on Beltransgaz were imminent and shot a veiled warning that Belarus is not in a position to reduce the Russia. Kudrin said that if Belarus is not able to mobilize up to 9 billion via selloffs, he would be forced to turn to the Monetary Fund International, which offers loan conditions, the Belarus is ill-equipped to respond.
Independent analysts say save its economy, Belarus is an urgent need to at least $ 8 billion.
"The authorities must admit that the policy of recent years have been flawed," said Stanislav Bogdanovich, former head of the Central Bank of the country.
Last month, authorities gave permission to the banks to buy and sell the ruble at a rate determined in open trade.
The banks responded initially by increasing the rate of the US dollar for transactions in retail by 30%, from approximately 3 000 Belarusian rubles to 4 000 rubles against the dollar. Since then, it has increased to 8 000 rubles to the dollar, giving rise to miles of long lines at the offices of exchange of currencies as desperate locals try to squeeze the value decreases quickly out of their roubles.
Belarus uses different exchange rates, depending on whether it is banks, private individuals or State enterprises who buy foreign currencies. Sometimes the difference between these rates can be up to 30 percent.
For most of his 17 years in power, President Alexander Lukashenko has is supported on the Russia - Belarus main sponsor and ally - to maintain a complete quasi-Soviet economy with a social safety net which helped maintain his popularity.
But Russian subsidies have fallen recently as Moscow pushes for more popular the Belarus control of economic assets, such as oil refineries and chemical plants, in exchange for additional loans.
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