Zaika: S&P experts have no idea of our economy

Standard & Poor's Ratings Services affirmed its long-term sovereign credit rating on Belarus at 'B-' and revised the outlook to stable from negative.

The previous rating was affirmed at “C”, Belsat reports.

S&P  experts note signs of stabilization in Belarus's economy and improvements in short-term financing conditions paying attention to the growth of foreign reserves, decreasing inflation, easing pressure on the exchange rate and a 3% GDP growth in the first quarter.

Economist Leanid Zaika says the international credit ratings are revised from time to time, but experts do not realize the real state of the Belarusian economy. They are guided only by formal indicators, which the authorities managed to improve recently.

“People who have never been to Belarus and do not know how our enterprises work may think the economic situation really slightly improved, because they take into account only official data. After the 'shock' devaluation of 2011 the dollar exchange rate fell from 8,500 to 8,000 rubles per dollar, the official unemployment rate is zero, but actual wages decreased threefold. Normal living conditions for Belarusians are impossible while the state spends 20,000 rubles a day on a dog and 40,000 rubles a day on a pension for a mathematics professor,” the expert thinks.

Leanid Zaika supposes Belarus's international ratings continue to grow in the nearest time, but there are no reasons to speak about real improvement of the country's economic situation. The authorities understand the economy needs new inflows. This issue will be discussed during a visit of the Belarusian delegation to an annual spring meeting of the International Monetary Fund and the World Bank Group that is held these days.