OREANDA-NEWS. Belarus will continue the talks with Russia on raising a stabilization loan in 2007, First Deputy Prime Minister of Belarus Vladimir Semashko has told, reported the Official website http://www.government.by.

“I would like to say Russia chose a controversial policy in respect of Belarus. Everybody realized it would be difficult for Belarus to pay a new price for gas supplies. We said we needed a stabilization loan and named concrete figures - $1.5 billion. However, Russia demanded to pay the price in line with the new contract and delayed the granting of the loan till October or maybe till December. This was the answer given by the Russian side at a meeting between the two Prime Ministers in Moscow,” said Vladimir Semashko. At the same time he added: “That’s all right. We will wait as we need loans.”

According to him, at present Belarus has not taken out many foreign loans and has enormous potential in this field until it reaches a limit threatening its financial security. It means the economy has been developing due to the internal resources. However, today the country is ready to raise many loans including from Russia but on beneficial terms, Vladimir Semashko underlined.

When answering a question how Belarus intends to make payments for gas shipments in H2 2007 - utilizing foreign loans or without them - Vladimir Semashko said the Government was considering all possible variants. “Since August we will pay for gas in full. Till August 23 Belarus should pay Gazprom about $150 million for gas consumed in July,” he stressed.

As for loans, Belarus will get them but in order to ensure sustainable economic development rather than to pay for gas, the Vice Premier noted.

On the whole, he stressed that the country’s economy had overcome the shock caused by the doubling of prices for Russian energy carriers. “The fact that the capital investments grew by 20% in H1 is even more pleasing than the 8,6% increase in GDP. This means that we have to import machines and equipment to retool our companies,” Vladimir Semashko said. In his words, all that requires significant funds. “We have come to the point when quality became very important. If GDP is a quantity index, investments - are a quality index,” he specified.

Today Belarus channels hundreds of millions of dollars into modernization of its major manufacturers. Foreign investments are needed for that as well. “Therefore we will borrow,” Vladimir Semashko said.

Belarus is currently negotiating about the issue with many foreign financial institutions, he added.