The Belgazprombank is going to raise around USD 500 million for repaying the debt for the gas delivered to Belarus in the first half of the year, it was reported by chairman of the management board of the Belgazprombank Viktar Babaryka at the press-conference yesterday.
ôRaising of USD 500 million for the Beltransgaz is possible and a corresponding offer has been madeö, the chairman of the management board said. According to him, źnow the potential organizers of the syndicated loan have already been determinedö .Meanwhile, he stressed that for the syndication to be organized the borrowerĺs agreement is required. ôThat should be a mutual agreementö, he remarked. According to him, there are several possible options for settling the outstanding paymentsĺ problem; the Belarusian party may pay the debt out of its funds, it may borrow the money form the Russian party or from the outside. The National Bank of Belarus has also expressed its intention to convert the funds nominated in Belarusian rubles. Russian experts remark that despite of the fact that the resources for making the gas payments are available in Belarus , after paying the debt to the Russian gas monopoly the government will have no money for supporting the subsidy-based Belarusian economic model and that may considerably deteriorate the seeming social wellbeing and the authority of the countryĺs leadership.