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22 Dec 2020

Lukashenko signs next year’s social, economic development documents

Lukashenko signs next year’s social, economic development documents

MINSK, 22 December (BelTA) – Belarus President Aleksandr Lukashenko has approved social and economic development targets for the year 2021. The head of state signed the relevant decrees on 22 December, BelTA has learned.

Presidential decree No.480 outlines the most important parameters of the forecast of Belarus’ social and economic development for the year 2021. The document specifies the following important parameters, which are supposed to improve living standards:

growth of real disposable monetary incomes of the population at 101.6%,

working-age unemployment in accordance with International Labor Organization methods at 4.2-4.4%,

housing to be commissioned with state support at 1 million m2 at least,

growth rate of prices for socially important goods at 104.9% (December 2021 as against December 2020). It is the first time this indicator has been introduced. It targets changes in prices for the main products that the population uses every day. This is why for the sake of social protection of the population this parameter has been set below the overall inflation (5%),

the share of fixed-capital investments in the GDP at 21.3-21.7%,

GDP growth rate in 2021 at 101.8%.

In order to achieve the social and economic development targets the presidential decree specifies, the government has been authorized to pass a plan on the social and economic development of the Republic of Belarus in 2021. The plan will have to mobilize resources in order to resume economic growth while maintaining macroeconomic balance.

Aleksandr Lukashenko also signed decree No.481 on approving the main guidelines of Belarus’ monetary management policy for the year 2021.

The next year’s monetary management policy will be geared towards stabilizing inflation, which is measured with the consumer price index, at 5% at most.

The central bank will have to make sure prices remain stable by controlling money supply in the monetary targeting mode. Balanced growth of money supply will be facilitated by keeping positive interest rates in the economy.

It will be necessary to maintain financial stability by means of taking measures to limit systemic risks, keep up the level of the gold and foreign exchange reserves, ensure the safe operation of banks, non-banking credit and finance institutions and non-credit financial organizations, the Development Bank of the Republic of Belarus, and effective work of the payment system.

The central bank’s communications policy will be aimed at increasing the openness and transparency of the monetary management policy.

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