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Opinions & Interviews

17 Sep 2014

Laura Tuck: Belarus can turn into a prosperous, competitive economy

Laura Tuck: Belarus can turn into a prosperous, competitive economy

MINSK, 17 September (BelTA) – The World Bank is satisfied with Belarus’ efforts to implement the projects financed by the World Bank. The statement was made by Qimiao Fan, the World Bank Country Director for Ukraine, Belarus and Moldova, as he spoke with reporters on 17 September, BelTA has learned.

The World Bank Group focuses on infrastructure projects in Belarus, like the improvement of water supply and water disposal, central heating, roads and others. According to the World Bank Country Director for Ukraine, Belarus and Moldova, it is important for the World Bank that the funds are spent to raise the living standards of Belarusians. It is obvious that local residents in Belarus benefit from the World Bank’s projects, he emphasized.

The World Bank's Vice President for Europe and Central Asia (ECA) Laura Tuck noted that Belarus has made substantial progress in a number of fields. “The country is well-positioned to become a prosperous and competitive economy. In order to do it, a series of structural reforms is needed. The World Bank views its mission as providing analytical, consultative support and information based on international practices,” Laura Tuck said.

The World Bank experts will voice their recommendations for the Belarusian government concerning the balanced and sustainable development of the domestic economy. Their suggestions are to help develop a social support program targeting the most vulnerable groups of people and to keep stimulating the private sector, which is expected to create more well-paid jobs.

The World Bank's Vice President for Europe and Central Asia Laura Tuck will leave Belarus on 17 September. Since she came to the country on 15 September, she has met with the country’s government, businessmen and toured a number of industrial companies.

Since Belarus joined the World Bank in 1992, the country has borrowed a total of $1.14 billion from the bank. Besides, the total amount of grants is estimated at $25 million. At present, the investment portfolio of the World Bank in Belarus features five projects totaling $648 million.

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