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2 Mar 2018

Belarusian government told not to use state budget to pay off corporate loans

MINSK, 2 March (BelTA) – Loans of the real economy sector should not be imposed on the budget, Belarus President Alexander Lukashenko said at a meeting to hear out the reports of the government, the National Bank, the oblast executive committees and Minsk City Hall on the economic performance in 2017 and goals to secure the country’s sustainable economic growth, BelTA has learned.

“I am cautious about the positive results that we achieved in 2017, because I see their real price. The GDP has expanded but we have not made up for the losses of 2016 alone. We still need to climb up 4% to reach the results of at least 2014,” Alexander Lukashenko said.

The president noted that the state debt is growing faster than the economy. “We paid off $2.3 billion but took out nearly $3.5 billion,” he said.

"The loan burden of the real economy sector is growing. God forbid you even start thinking about shifting it to the budget. I have started to hear you talking about ‘fiscal risks’ more often. If this is you gently preparing me for the decision to pay for the mismanagement of the enterprises from the budget, at the expense of doctors and teachers, then you better tell me about this right now and go home. Enterprises must earn money themselves and pay taxes to the budget,” the head of state noted.

 

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