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10 Apr 2020

Belarus prime minister calls for serious dedollarization of EAEU economy

Belarus prime minister calls for serious dedollarization of EAEU economy
Sergei Rumas. An archive photo

MINSK, 10 April (BelTA) – It is necessary to move towards serious dedollarization of the economy of the Eurasian Economic Union (EAEU), particularly trade in fuel and energy resources, raw materials. Prime Minister of Belarus Sergei Rumas made the relevant statement during a videoconference meeting of the Eurasian Intergovernmental Council on 10 April, BelTA has learned.

Sergei Rumas said: “It is necessary to be ready to promptly tackle the issues that we used to leave on the backburner when conditions were comfortable. It is necessary to aim for serious dedollarization of the union’s economy by radically increasing the share of prices and transactions for goods and services traded within the framework of the Eurasian Economic Union market using national currencies. It is particularly necessary to do that with regard to fuel and energy resources, raw materials.”

In his words, the pandemic demonstrated it is important for the Eurasian Economic Union to pursue common policies in the sphere of the production sector and agribusiness, to implement joint import-substitution programs in the industries of vital importance for the economy and critical services.

“It is obvious that projections concerning the development of the national economies in the near future are negative. Today no straightforward estimates of when the pandemic can be beaten and how much it will cost are available. We cannot rule out that we may be forced to become a common yet self-sufficient market at least for some time,” the Belarusian head of government believes.

Sergei Rumas believes that the expert potential and financial resources of the Eurasian Development Bank and the Eurasian Fund for Stabilization and Development should be more actively involved in joint work.

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