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9.01.2014

Miasnikovich's magic figures

12:48, — Economics

Miasnikovich's magic figures

As much as $2.5 billion for payment for Belarus's external debt disappeared from the budget.

The country's payments for the external debts are estimated at about 34 trillion rubles ($3.6 billion), but the budget for 2014 provides only for 10 trillion rubles ($1.05 billion) for the external debt service, the law On the Republican Budget 2014 says.

Economist Leanid Zaika, the head of the analytical centre Strategy, said in an interview with charter97.org that the reason was a non-transparent budget process.

The debt service, payment of the interest, is about one billion dollars per year. It means that Belarusians should earn and give one billion dollars only as payment of the interests of the loans borrowed by the government, Lukashenka and his aides. So, the budget should contain the sum of interest. As for the principal, these figures are approved by the National Bank and the Ministry of Finance. They also should be included in the budget. When officials make the budget and ask where to put this figure, they hear: 'Don't put it anywhere. Leave it for approval, because Lukashenka is going to take a 2bn loan from Russia, one billion from China, one billion from Korea and four billion from Eskimos, the expert said.

The economist thinks it's the reason for the mess of figures.

This is a peculiar feature of the Belarusian budget. It is not a state document. It is just a set of tables to perplex MPs. Other figures and transparency will come with new authorities, Leanid Zaika is confident.


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