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Targeted measures to support businesses, households in Belarus

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BREST, 14 April (BelTA) – Belarus is working on targeted measures to support businesses and households who were affected by the coronavirus pandemic, BelTA learned from Chairperson of the Standing Commission on Economic Policy of the House of Representatives Leonid Brich.

“The government is fully aware of this issue and sets tasks to address it. A set of measures will be implemented to support the economy and social sector. The government will expand the loan guarantees for the real economic sector. MPs also actively contribute their views. Everything possible is being done to retain jobs and to minimize risks and losses for all kinds of businesses. We are also considering support for households whose income shrank because of the pandemic,” the MP said.

Leonid Brich explained that the economic support package will be implemented in several stages. A corresponding bill is in the works. In particular, there are plans to allow businesses to pay their taxes later and to authorize local councils of deputies to introduce property tax deductions and tax holidays for individual entrepreneurs and self-employed people. There are plans to extend the period of foreign trade operations from 180 to 280 calendar days.

“We suggest suspension of principal and interest payments on loans, as well as utility payment deferral for small and medium-sized businesses. We also suggest that joint stock companies hold an additional issuance of preferred stock to be later purchased by the state. Companies will be able to purchase this stock back in full when the situation gets back to normal,” Leonid Brich noted. There are plans to ease the terms and procedures of getting targeted support from the state by families who lost their income because of the pandemic. These preferences include the exemption from paying fines (up to six months) in the event of untimely payment of utility bills.

MPs are also considering ways to facilitate working and studying from home.

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