Sberbank and Deutsche Bank will credit Belaruskali for USD 2 billion
The loan will be secured by export contracts and guarantees of 35% of the shares of the enterprise. This was announced by Head of Russian Sberbank German Gref at a meeting with Prime Minister Vladimir Putin on Friday.
Since the growth of public debt is currently not feasible, the government bets on the growth of corporate debt. The loan is issued on the condition of export contracts of Belaruskali, the only sustainable and stable generator of the foreign currency earnings in Belarus. The issue is that the loan needs to be repaid otherwise, 35% of the stakes of the enterprise will be given away for $ 2 billion only, which is times less than previously projected amounts. Therefore this loan is not a victory, rather a failure of the President to find cheap loans.
The Labour and the Tax Ministries are considering the possibility to include persons engaged in some economic activity without forming a legal entity in the social security system. When the decree No 337 comes into effect, the number of private entrepreneurs is likely to reduce due to the possibility of reducing the tax burden when switching to a tax payment as an individual. 95% of self-employed, including PE, pay insurance premiums on the basis of the minimum wage. The number of self-employed citizens is expected to increase, the number of insurance contributions to the pension system from PE will decrease, the number of citizens who will pay a fee to finance government spending will decrease by several tens. Self-employed citizens have the alternative not to pay social security fees and save resources for future pensions, which, given the gradual restriction by the state of pension requirements could be a more long-sighted option.