Events

MINSK, 24 April (BelTA) – The Belarusian government is working on a package of documents aimed to improve the country’s economic policy, Alexander Zaborovsky, First Deputy Head of the Council of Ministers Office, Head of the Belarus Prime Minister Secretariat, told reporters at the international conference to discuss key factors and tasks facing Belarus’ post-industrial economy. The conference is taking place in Minsk on 24 April, BelTA has learnt.

“In pursuance of the suggestions voiced by the head of state during his State of the Nation Address, the government is drafting a package of direct effect legal acts covering all the tasks mentioned by the President,” he said.

Alexander Zaborovsky reminded that the Belarusian leader instructed the government to start elaborating a program for the next five-year period. “This program will contain system-based conceptual measures to improve economic planning and economic development mechanisms that were formalized by the draft legal act on socio-economic projections and indicative planning,” the expert said. Thanks to these approaches, the country’s economic policy will become more flexible, the number of targets to be met by domestic companies will be optimized. “The government repeatedly suggested switching to a three-year planning interval within the five-year period with a flexible adjustment of the indicative targets that are used to assess economic performance” Alexander Zaborovsky added.

Another task the government is working on is the improvement of operation of big holding companies. “The corresponding document was signed by the Premier and submitted to the head of state. In my view, this fundamental document is the first serious step that will help eliminate excessive requirements to record keeping. This document will make it easier to transfer equipment and fixed assets from one affiliate of the holding company to another. No VAT tax or profit tax will be levied in this case,” he said. This way, companies will be able to optimize their assets and resources and become “economic entities able to grow and improve their performance” on their own.

The document will give holding companies more leeway in using their centralized funds. “As far as the industrial policy is concerned, the document addresses the President’s tasks related to efficiency of industrial holding companies. We are already analyzing our next step – establishment of a consolidated taxpayer institute and exempting holding companies from taxes on internal business volume,” Alexander Zaborovsky said.

The document on the all-round improvement of state support policy is nearing completion. “A task group at the Economy Ministry is mulling over transition from individual and targeted support to system-based industry-wise policy, so that the state support will be provided on a competitive basis and channeled into priority projects and innovative development initiatives that will pay back,” the specialist said.

The Economy Ministry is also drafting a document on public-private partnership. “We believe that this year the document will be finalized and submitted for consideration. A governmental resolution on improvement of the industry-wise policy is also in the pipeline. This resolution aims to facilitate transition from manual management of specific companies on the part of the ministry to the establishment of an environment fostering the development of both public and private sectors. This is needed to boost competition,” Alexander Zaborovsky said.