Cooperation with the FEDD does not imply the changeover to the single currency in the State of the Union
MINSK, October 22 (BelTA) – Cooperation with the Eurasian Stabilization and Development Fund (EFSD) does not imply the transition to a single currency in the Union State of Belarus and Russia, BelTA learned from the press service of the Ministry of Finance.
“The Ministry of Finance is responsible for raising loans on foreign markets. Following Western sanctions, we encountered difficulties in refinancing our public debt in foreign currencies. Work with some international financial institutions has been interrupted. In this regard, the cooperation with EFSD, our long-standing partner, is justified and beneficial from a financial point of view. Moreover, work is currently underway on the fourth program with the fund, ”said the press service.
At the same time, some experts have alleged that one of the terms of the program with the FEDD is the peg of the national currency to the Russian ruble or the transition to a single currency within the Union State. “Regarding these allegations, we would like to note that the basic conditions for advancing integration with the Russian Federation were agreed at the meeting of the Council of Ministers of the State of the Union on September 10 of this year. Twenty-eight State of the Union programs have been approved. National experts are still refining them. The Union State Supreme Council of State is expected to approve the programs at a meeting in November this year. After that, the programs will be made public. They do not contain any conditions for the transition to a single currency in the State of the Union. The National Bank of Belarus does not consider this transition to be possible either, “the finance ministry explained.
According to the ministry, the government and the National Bank of Belarus are currently working on the matrix of economic policy measures and structural transformations with the FEDD and on the lending program of the fund and have never discussed the transition to a single currency. . “The measures described in the matrix aim to stabilize economic policy, including monetary and fiscal policies, strengthen the social protection of citizens and carry out structural reforms in the public sector. Thus, the transition to a single currency was not the subject of discussion of the draft matrix of measures with the FEDD “, underlined the ministry.