Construction of the NPP will be conducted completely under the credit facilities
Having a high external debt and the vague prospect of its service with meager gold reserves, the Belarusian authorities further aggravate the situation by building a nuclear power plant in the loan, without having even 10% of own funds. Thus, by analogy with the Sberbank,
supervising privatization and credit transactions in the energy sector of Belarus, another major Russian state-owned bank will be financing the nuclear power plant.
Vnesheconombank will credit advance payments of Belarus on nuclear power plant construction in the amount of $ 500 million
It is through Vnesheconombank and the Belarusian \"daughter\" funds of the Russian loan for the construction of nuclear power plants will be held. The entire project to build the nuclear power plant is designed for $10 billion, where the Belarusian side has to pay 10% at their own expense, and 90% - at the expense of the Russian loan. Accordingly, Belarus must find about $ 1 billion, however, the country does not have such money so far, and it searches for new lenders. According to the BVEB Head P. Kallaur, it will be needed about $ 500 million under the contracts to be concluded in the first five years, and it will be provided by his bank. Accordingly, Belarus will not have to take own money from the gold reserves.
Thus, the financing of the ten percent part, which must be paid off by the Belarusian side, will be conducted at the expense of the loan. And so having a high external debt and the vague prospect of its services and payments in scarce gold reserves, Belarus exacerbates the situation by building a nuclear power plant in the loan. It is obvious that the Belarusian authorities are not considering the return period of these loans as close, or not going to give this loan back. In any case, the strategic plan of President Lukashenko, who dismissed the key deputies of P.Prokopovich from the National Bank in 2010, becomes clear. Now BPS-Sberbank and BVEB are the main currency breadwinners to the country, controlling a variety of transactions. The professionalism and quality of NB management have fallen sharply, but it’s is not very important for Alexander Lukashenko. On the other hand, he is absolutely sure of the loyalty of the heads of the major subsidiaries of Russian banks in Belarus.
The country's leadership has instructed the local authorities to raise minimum wages at enterprises by the end of 2019 to BYN 1,000, which would lead to an increase in the average wage in the economy as a whole to BYN 1 500. The pace of wage growth in 2017 is insufficient to ensure payroll at BYN 1000 by late 2017 without manipulating statistical indicators. In order to fulfil the president’s order, the government would have to increase budgetary expenditures on wages in healthcare and education, enterprises – to carry out further layoffs and expand the practice of taking loans to pay wages and restrict investment in modernisation of fixed assets. In 2010, the artificial increase in wages led to a threefold devaluation in 2011, an increase in the average salary to BYN 1500 will not match the capabilities of the economy and would lead to yet another devaluation.