Business news

MINSK, 17 May (BelTA) – External demand for Belarus-made investment products is recovering. Belarusian Economy Minister Vladimir Zinovsky made the statement during the Council of Ministers session held on 17 May to discuss results of the country’s social and economic development in Q1 2016, BelTA has learned.

While Belarus’ export volume was low in January-February 2016, the export of merchandise and services rose by 14% in March. External demand for Belarusian investment products is recovering, with their export up by 2.2% in comparison with Q1 2015, noted the Economy Minister. He attributed the recovery to measures meant to stimulate the real sector of the economy. For instance, key energy-dependent enterprises were allowed to retain last year’s prices for energy resources. The prices were reduced for a number of other enterprises. The monetary policy has also helped boost export.

Vladimir Zinovsky stated that the balanced macroeconomic policy had allowed them to start gradually reducing the refinancing rate. This decision of the central bank is timely and justified, he said.

The Economy Minister reminded that management by objectives is now a practical matter. Nineteen out of 20 government programs have been adopted in correlation with the draft plan for the five-year term. Key effectiveness parameters have been assigned for them.

Upon the instruction of the government the Economy Ministry has compiled a list of 120 staple investment projects that will be implemented in 2016. The total volume of funding will be Br55.8 trillion. Civil servants have been assigned to oversee and be responsible for each project. A working group of the Architecture and Construction Ministry will have to monitor construction and installation operations at these facilities on a weekly basis.

A list of investment projects able to raise $754 million in foreign direct investments has been prepared as well. Heads of ministries, oblast administrations, and the Minsk city administration have been assigned to oversee these projects.

Vladimir Zinovsky noted that each and every organization will have to draw credit resources in full and on time as part of the executive order on lending to government programs and projects in 2016. Central and municipal government agencies will have to assign people to oversee and be responsible for every investment project, he added.