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23 Feb 2016

Personal responsibility for timely repayment of foreign currency debts in Belarus

MINSK, 23 February (BelTA) – Personal responsibility for the timely repayment of foreign currency debts has been introduced in Belarus. This is envisaged in Decree No. 78 “Concerning the measures to enhance the effectiveness of the social and economic sector of the Republic of Belarus” which was signed by Belarus President Alexander Lukashenko on 23 February, BelTA learned from the press service of the Belarusian leader.

In particular, the President instructed the government and the National Bank to implement balanced macroeconomic policy aimed at augmenting the country’s gold and foreign exchange reserves to a safe level which will cover the quarterly import of goods (works, services) and the short-term foreign currency debt obligations of Belarus.

The head of state gave an instruction to ensure timely and in-full fulfillment of obligations, including by means of refinancing, and imposed personal responsibility for the repayment of the foreign currency debts of the government and state administration bodies on the prime minister; personal responsibility for the repayment of the foreign currency debts of the National Bank on the chairman of the board of the National Bank. Heads of oblast executive committees and the Minsk City Hall will be personally responsible for the repayment of the foreign currency debts of local administration and self-administration bodies; heads of organizations and commercial banks will be personally responsible for the repayment of the foreign currency debts of their organizations and banks.

The Council of Ministers was authorized to sign intergovernmental and international agreements aimed at raising investments from international financial institutions if these agreements include the provisions and norms that are different from the provisions and norms of Belarusian legal acts. After the singing, these documents have to be ratified in accordance with the established procedure.

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