Dmitry Boltrushko: one-time public sector debt payment will put serious pressure on rouble

04/06/16 16:43

Dmitry Boltrushko: one-time public sector debt payment will put serious pressure on rouble

According to the minister of economic development, repaid debts will not reflate the country's economy, but will be finally left at shopping centres and supermarkets
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Tiraspol, 6 April. /Novosti Pridnestrovya/. The one-time payment of all public sector debts (approximately 300 million roubles) will put serious pressure on the rouble and will not become a catalyst for the economic growth, said the minister of economic development, Dmitry Boltrushko, during the Economics in Detail show on the First Pridnestrovian TV channel.

It is recalled that in connection with the difficult economic situation a commercial company offered the government an interest-free target loan to repay the state's indebtedness to public sector workers.

Commenting on this offer, some experts said it could give certain impetus to the development of the Pridnestrovian economy by increasing demand in the domestic market. At the same time, according to the minister of economic development, this could be possible if there were more domestic products in the market.

«If we had a considerable proportion of domestic consumption goods, this would be good impetus for boosting the economy, in particular the industrial sector, trade, etc. But our situation is a bit different from the classical one because the majority of goods in our market are imported," said Dmitry Boltrushko.

Therefore, in the Pridnestrovian reality, according to the minister, the one-time repayment of debts will chiefly influence retail outlets' sales.

«The money will be spent at supermarkets and in the trade sector, they will be left there, or, simply speaking, will be paid back," noted Dmitry Boltrushko.

According to him, production development could help enhance the economic situation in general and the rouble's value in particular.

«To improve radically the situation, we don't have to think how to bring goods here (it may be either an individual person going to Ukraine or an importer). We have to produce more and sell more domestic goods. And not once did the government put forth an initiative providing for assistance to the real sector of economy," said the minister.

 

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