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28 Apr 2016

World Bank calls for reforming Belarusian state-run enterprises

MINSK, 28 April (BelTA) – The World Bank believes that restructuring the sector of state-run enterprises in Belarus is extremely important. World Bank economist Kirill Gaiduk made the relevant statement during the presentation of the latest economic review of Belarus on 28 April, BelTA has learned.

The expert said: “The restructuring of the sector of state-run enterprises is extremely important for Belarus just like offering more favorable conditions for the development of the private sector.” In his words, steps are already being taken in this area. “Measures to restructure state-run enterprises have been announced. An interagency workgroup has been created to look at their state,” specified the expert.

Kirill Gaiduk pointed out that Belarus needs to make the transition to more effective distribution of resources, which is difficult at the moment due to considerable volumes of target-oriented lending. In his opinion, the latest measures to toughen conditions for getting new target-oriented loans are reassuring but further steps are needed to improve the selection of projects, which are implemented with assistance of subsidized loans. “The reduction of target-oriented lending should go hand in hand with the plan to restructure enterprises with specified execution timeframes,” the expert is convinced.

The World Bank was established in 1944 and is headquartered in Washington, USA. The Bank comprises five organizations: the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency, and the International Center for Settlement of Investment Disputes. The World Bank has over 120 representative offices all over the world. Belarus became a World Bank member in 1992. The current investment portfolio includes nine projects worth a total of $998 million.

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