Opinions & Interviews

MINSK, 14 March (BelTA) – There is no critical situation with external funding in Belarus, BelTA learned from Belarusian Economy Minister Vladimir Zinovsky on 14 March.

According to the source, as far as external funding is concerned, Belarus works tightly with the World Bank, the European Bank for Reconstruction and Development, Chinese financial institutions, and so on. “The only drawback we would like to address faster is the lack of projects we can lend money to,” pointed out the economy minister.

Speaking about a new program with the International Monetary Fund, Vladimir Zinovsky said that no active work on the progress is being done right now. “Nevertheless, we work with the IMF on Article IV. We participate in the relevant sessions twice a year,” he added.

The official noted that signing a new program with the IMF could send a good message to all investors and international finance organizations. Belarus understands that certain steps have to be made to make it happen, including steps to improve national laws.

As one of the conditions the program hinges on, Vladimir Zinovsky mentioned that Belarusian households have to start paying the full cost of utilities. “But we understand that we cannot achieve that in one go,” stressed the economy minister. He explained that the relevant level of salaries, monetary income of households is needed before it happens. Some countries, which have programs with the IMF, force their citizens to pay the full cost of utilities but in practice most of their people cannot afford it. Belarus does not intend to follow in their wake.

Besides, a number of problems in the real sector of the economy need to be addressed, including debts of enterprises.