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23 Jun 2016

Small businesses to buttress Belarusian economy against external shocks

MINSK, 23 June (BelTA) – The development of small businesses will make the Belarusian economy less susceptible to external shocks. Belarusian First Deputy Finance Minister Maxim Yermolovich made the statement on air of the Belarusian TV channel STV, BelTA has learned.

Maxim Yermolovich said: “In the last few years in the most difficult time for the global financial system we saw that small and medium businesses need less time to adapt to changing conditions on foreign markets.”

In his opinion, small and medium businesses can adapt to new conditions faster and take less time to change their operational strategy while staying steady. “By developing small business, the economy can be less affected by external shocks. It doesn’t mean that the development of small businesses will cross out everything we’ve done before. The strategic policy on developing basic enterprises, preserving them, increasing the output and quality of products, improving their management systems will be continued. To adapt to new conditions, we are forced to develop small business, to enable conditions that will allow individuals to realize their potential,” explained the First Deputy Finance Minister.

The five-year term will also focus on improving technological standards in the country and creating new jobs through higher labor productivity. Efforts will also be exercised to improve the quality of the administration system. The latter will help reduce the upkeep of the management system and will help make public spending more effective.

Maxim Yermolovich also spoke about the forthcoming redenomination. In particular, he pointed out that the introduction of new money indicates the monetary system is stable. In his opinion, the presence of coins testifies that the currency will indeed be stable. “Getting used to the idea that your currency is stable is an important factor. People will come to understand that they should make savings in their own currency, which does not lose its value,” he said.

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