Business news

MINSK, 21 December (BelTA) - Belarus will introduce a system of key performance indicators, reads Decree No. 504 as of 18 December 2015, BelTA learned from the press service of the Economy Ministry.

"A system of key performance indicators in Belarus’ social and economic development in 2016 will be established for the government and the National Bank,” the ministry noted.

The Council of Ministers will define the key performance indicators for the heads of ministries, concerns, regional executive committees, and the Minsk City Hall.

The government together with regional executive committees and Minsk City Hall will introduce the system of key performance indicators for business entities with the dominant state share.

In order to enhance competitiveness, improve the solvency and financial stability of the real production sector, the government will ensure that the organizations with the prevailing state share draw up detailed plans to reduce the cost of production of goods (works, services).

"By implementing the measures to ensure macroeconomic stability we will reduce the impact of unfavorable external economic environment and provide for the sustainable economic development in Belarus,” the Economy Ministry stated.

Increasing the competitiveness of the economy and living standards has been defined as the main social and economic development targets in 2016. Enhancing the competitiveness of products contributes to the expansion of export markets and increase in domestic sales. As a result, the conditions will be created for increasing both production and consumption, promoting economic growth and increasing income of people.

the work to achieve these objectives will rely on a set of measures to ensure a balanced macroeconomic policy adopted by the Government and the National Bank: slow down of inflation (target is 12%); productivity growth (1.5%) which is regarded as the main factor of economic development; attracting foreign direct investment on a net basis (excluding debt to direct investors for goods, works, services) in the amount of $1.35 billion, and other measures.

The decree stipulates that Belarus’ GDP growth will make up not less than 0.3%, and real disposable money incomes of the population will increase by 0.5%.

The main factors of economic growth are increase in the export (3.5%) and balanced buildup of domestic consumption which is closely interrelated with the export and production capacity of the economy. There are plans to ensure the export growth through the increase in deliveries of products by upgraded industries (woodworking, metallurgy), oil and petroleum products, engineering goods, and targeted effort to diversify export markets.

“When developing the most important parameters of Belarus’ social and economic development forecast for 2016 we sought to achieve a deficit-free payment balance of payments and prevent decrease in the gold and foreign exchange reserves,” the Economy Ministry stressed.