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Opinions & Interviews

2 Aug 2016

Call for balanced, capable economy in Belarus

Call for balanced, capable economy in Belarus

MINSK, 2 August (BelTA) – The Belarusian economy should be balanced and capable of implementing development priorities of the current five-year term. Prime Minister of Belarus Andrei Kobyakov made the statement during the session of the Presidium of the Council of Ministers held on 2 August to discuss the draft social and economic development forecast, the draft major monetary management guidelines, and the draft central state budget for 2017, BelTA has learned.

“We should have a balanced economy that allows implementing development priorities in the current five-year term, which are stipulated by the main provisions of the five-year program adopted by the fifth Belarusian People’s Congress. Balancing the balance of payments and the state budget, reducing inflation are the key priority. All the economic policy instruments should be tuned with this in mind,” noted Andrei Kobyakov.

Call for balanced, capable economy in BelarusIn his words, Belarus’ social and economic development tasks are closely tied to the draft budget and the draft major monetary management guidelines. “In late June, virtually one week after the fifth Belarusian People’s Congress we discussed the concept of the forecast and the financial policy in detail. We made up our minds about fundamental approaches to economic forecasts and drafting the state budget,” reminded the Prime Minister. Taking into account discussions and submitted proposals a package of documents has been worked out and submitted for consideration of the Presidium of the Council of Ministers. The package includes a draft presidential decree on the next year’s social and economic development tasks, another draft decree on the main directions of the national monetary management policy in 2017, a bill on the next year’s central state budget, and a bill on amending and adding to the Tax Code of the Republic of Belarus.

Call for balanced, capable economy in BelarusAndrei Kobyakov said he would like economic development targets to conform to five-year term tasks. “Belarus needs to honor its commitments without draining the gold and foreign exchange reserves. In 2017 Belarus will have to spend about $3.2 billion to repay the state debt and the interest,” he stated.

Call for balanced, capable economy in BelarusThe Prime Minister stressed it is necessary to bolster the competitive ability of the economy and primarily export by reducing prime costs, increasing quality, and reducing the economy's dependence on conditions on foreign markets and on raw materials markets. “We should get as much profit as possible from the conventional economy and the public sector. The tasks that heads of government agencies are supposed to accomplish in this sphere were determined by the Presidium session in June. Our diplomats will also contribute to implementing them,” said Andrei Kobyakov.

Call for balanced, capable economy in BelarusMeasures should be taken to enable conditions conducive to the establishment of a new economy. “We need new enterprises and manufacturing projects in the private sector and the public sector. We need innovative technologies mastered and innovative products with a high added value manufactured. We need private and foreign capital involved in the process. This kind of economy is supposed to secure up to 75% of the GDP growth by the end of the five-year term. The same plans are laid down by the government’s action program for 2016-2020,” explained the Prime Minister.

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