Russia may grant Belarus commodity loan for NPP

MINSK, May 20 (Itar-Tass) -- Russia is ready to grant Belarus a
commodity loan for the Russian construction of a nuclear power plant in
the neighboring country worth 7 billion dollars, but opposes plans to
replace domestic currency with the Russian ruble at a time of currency
crisis, according to Finance Minister Alexei Kudrin.
"The total amount of a loan for the supplies of commodities and
services for the construction of the NPP will comprise over 7 billion
dollars," he told journalists on Thursday following high-level bilateral
talks and specifying the decision about the loan is expected in summer.
He said Belarus had also requested a financial loan to build the
plant, but no decision has been made yet. "Talks are under way," Kudrin
said.
Russia has long offered Belarus to introduce the Russian ruble as a
single currency, but currently changed its mind as Belarus is living
through an acute currency crisis.
"I do not support such practice in the period of currency crisis,"
Kudrin said adding there is no easy way out of the present-day situation
in Belarus.
The single currency may be introduced "in a completely stable
situation with completely clear and healthy economic parameters," he said.
Belarussian Prime Minister Mikhail Myasnikovich said the Russian ruble
may develop into a reserve currency with time.
"In future the Russian ruble can serve as real reserve currency
specifically if prices of Russian energy carriers are determined not in
dollars or euros, but in rubles in Moscow," he told a press conference.
He added Belarus designed a scheme to counter speculative currency
demand on the domestic market and plans to use the resources of the
anti-crisis fund of the EurAsEC economic community.
"We are convinced that in the near future Belarus will have a real
rate of the national currency based on demand and supply and free of
speculative devaluation expectations," he said.