Business news

31 Mar 2020

Call to better use innovative funds in Belarus

MINSK, 31 March (BelTA) – It is necessary to take measures to improve the effectiveness of spending money from innovative funds. Prime Minister of Belarus Sergei Rumas gave the relevant instruction at a session of the Council of Ministers’ Presidium on 31 March, BelTA has learned.

Sergei Rumas said that in line with the social and economic development program for the current five-year term the main goal is to improve living standards of the nation by enhancing the competitive ability of the economy, raising investments, and securing innovative development. “Today we are going to discuss the implementation of the government program on innovative development in Belarus in 2016-2020 and will evaluate its last year’s results,” Sergei Rumas said.

Indicators that measure the innovative development of the country showed growth last year. “It is also confirmed by the Global Innovation Index where Belarus is ranked 72nd in 2019, 14 points up from 2018. But positive dynamics of innovative development of the country does not rule out the need to look into some problems,” he stressed.

The problems mentioned by the head of government include the failure of a number of customers to hit assigned targets, the failure to commission a number of enterprises and secure their designed output capacity within the specified timeframe in a number of projects of the government program. Sergei Rumas mentioned it is necessary to analyze reasons behind the problems and discuss proposals on ways to prevent them as well as measures to better spend money from innovative funds.

“Since the government program on innovative development for the next five-year term has to be worked out this year, today we have to focus on the tasks we need to accomplish in order to make the program’s execution more effective,” the prime minister added.



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