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4 Jan 2020

Belarus government approves economic development action plan for 2020

Belarus government approves economic development action plan for 2020
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MINSK, 4 January (BelTA) – The Belarusian government has approved a plan of action for 2020 to create conditions for economic development in the country. The Council of Ministers’ corresponding Resolution No.921 of 27 December 2019 was published on 4 January, BelTA has learned.

By 1 May the Economy Ministry will have drafted a law on state-run organizations and business companies with state participation to improve the efficiency of the public sector.

Plans are in place to launch a pilot project to transfer problem debts of two or three industrial organizations to the Asset Management Agency.

The government will prepare proposals to amend the legislation on criminal and administrative liability. They will concern the transfer of individual crimes to cases of private prosecution, minimization of pretrial detention for economic crimes.
A separate block of measures is to create favorable conditions for investors. The plans are to improve investment legislation, develop an FDI attraction strategy through 2025, and to work out Belarus’ infrastructure development plan through 2025. The investment legislation will be adjusted to consolidate additional guarantees of investors' rights protection, develop a special legal regime to conclude and implement special investor agreements, and prohibit the revision of privatization transactions (after 3 years).

The government plan also provides for greater autonomy for heads of organizations and local authorities. An interdepartmental working group will be established to prepare proposals for improving the system of support for the development of territories. By 1 August, a portfolio of investment projects for 2021-2025 will be formed in each region.

The Ministry of Labor and Social Security, the Economy Ministry and the Finance Ministry have been instructed to prepare by 1 April proposals to increase the size of social benefits for the unemployed living in areas with a tense situation on the labor market and the unemployed over 50 years.

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