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17 Dec 2019

New plan to boost economic growth in Belarus

New plan to boost economic growth in Belarus

MINSK, 17 December (BelTA) – A new economic blueprint is in the works in Belarus. This will be a separate action plan aimed at fostering and sustaining broad-based growth across the domestic economy, Belarusian Prime Minister Sergei Rumas said at a session of the Presidium of the Council of Ministers on 17 December, BelTA has learned. 

“In October this year the head of state signed a decree on social and economic development targets for 2020. The document sets out key criteria to assess the government’s performance. The government is expected to develop a quarterly matrix of tasks for each official, which is expected to mobilize the entire power vertical to achieve meaningful results. The government should also pass an action plan to create conditions conducive to economic growth for the mid-term perspective. The Economy Ministry has drafted a corresponding resolution,” Sergei Rumas said.

The experts in charge of the document were tasked to optimize and consolidate the targets. The head of government asked to report on the status of this instruction and the task to develop the matrix. “The draft resolution will be a framework document encompassing tasks and targets for heads of municipal and district administrations and company chiefs,” Sergei Rumas said.

He noted that the resolution will set forth an exhaustive list of targets for organizations. “No other targets will be set for them,” he emphasized. All in all, the resolution does not provide for any drastic changes in the list of key targets.

According to the premier, the traditional economy has nearly exhausted its reserves. The economy can keep growing only on the back of new companies and foreign investment. The matrix lays out the relevant task only at the regional level, therefore Sergei Rumas suggested setting forth such tasks for industries and top executives responsible for their delivery.

The new economic blueprint was developed by the Economy Ministry in collaboration with the National Bank. Sergei Rumas explained that this plan sets out some serious measures to create conditions for sustainable economic growth in the mid-term perspective.

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