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Opinions & Interviews

31 Oct 2019

World Bank-sponsored roadmap on Belarusian economy effectiveness nearly ready

World Bank-sponsored roadmap on Belarusian economy effectiveness nearly ready

MINSK, 31 October (BelTA) – The roadmap being developed together with the World Bank to enhance the effectiveness of the Belarusian economy is nearly ready, BelTA learned from First Deputy Prime Minister of Belarus Aleksandr Turchin during the Kastrycnicki Economic Forum (KEF) on 31 October.

Aleksandr Turchin said: “It is in a high state of preparedness. It is a program for us. Not for the World Bank. Not for the IMF. We are already starting to implement the things it stipulates.”

Speaking about funding for the roadmap, Aleksandr Turchin noted Belarus and the World Bank are in negotiations on which chapters need funding and how much. “An entire number of things do not require large investments,” the official specified.

When asked about the fate of troubled enterprises, Aleksandr Turchin said that they are divided into those able to work on their own and those need support. “To be clear, we are not talking about new state support. Maybe some debts will be restructured. But the allocation of new funds is out of the question,” Aleksandr Turchin said. In his opinion, the top 100 largest joint-stock companies operate steadily. A corporate management system is taking shape there. “I don’t see companies in the top 100 that need to be shut down,” he said.

As for the social support system, the development of a new bill on employment is supposed to start in February 2020. “We will try to implement certain decisions in this document, including our proposals on supporting citizens in a difficult job-related situation,” Aleksandr Turchin said.

Most of the measures the roadmap stipulates will be implemented rather promptly. Getting Belarusian household to pay 100% of the cost of heating services is the most distant measure. “According to our calculations, it will be done at some point in 2026,” Aleksandr Turchin added.

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