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New budget providing for increased spending on health, education and social sphere Today, the so-called "zero reading" of the 2020 budget will be held in the parliament. The government will present its version of the document. The MPs will be able to familiarize themselves with it in detail and, if necessary, introduce amendments. Next year, it is proposed to strengthen the social bias of the budget through increased spending on health, education, and the social sphere. The growth of...

Economic growth in 2020 planned at 1.9%, refinancing rate – 9.5% The draft budget 2020 has been submitted to parliament. Today it is being considered by the relevant commission of deputies, and after that a few more readings will be held. The main financial document is in deficit. According to the project, economic growth is planned at 1.9%, and the refinancing rate will remain at the current level of 9.5%. Social spending will increase by at least 11%. The current convocation of deputies will...

Ministry of Economy: There are no plans to revise the forecast for Belarus annual GDP growth There are no plans to revise the forecast for Belarus annual GDP growth. This was stated by Minister of Economy Dmitry Krutoy. The benchmark figure remains at 4%. In H1 2019, the Belarusian economy has grown by 0.9%. Construction industry is the leading sector. The inflow of foreign direct investment amounted to nearly $1 billion. The export of domestic products declined due to objective reasons. The government...

EU delegation to arrive in Belarus in late September to discuss further steps in twinning initiative The inflation-driving factors are weakening and the 5% inflation target remains in place, the National Bank of the Republic of Belarus reports. The inflation was driven by the factors related to agricultural production, growth of productivity lagging behind wages and also external factors. The National Bank also took stock of a twinning project designed to enhance the potential of Belarus’ central...

Economy Ministry: GDP slowdown caused by external factors The Belarusian Economy Ministry expects the country’s GDP growth to get faster starting Q3 2019. The relevant statement was made at the conference on Belarus’ macroeconomic situation and the banking sector. According to the Economy Ministry, the key factors contributing to faster growth will be restored positive dynamics in agriculture and redistribution of oil deliveries. The Economy Ministry also believes that the macroeconomic situation...

Finance Ministry: No risks to the budget execution are observed, inflation is within the forecast parameters Terms of the program with the Eurasian Fund for Stabilization and Development (EFSD) have been fulfilled. We have all reasons to count on getting the seventh tranche of the EFSD loan, said Belarusian Finance Minister Maksim Yermolovich during the Council of Ministers session. Belarus’ budget expects to get the seventh tranche (the final one) to the tune of $200 million. No risks to the budget...

Council of Ministers sums up country's socio-economic development in Q1 Real income of Belarusians grew by almost 8%, while the average salary exceeds a thousand Belarusian rubles (over $500). The Council of Ministers held a meeting to sum up the socio-economic development in the first quarter. The rate of inflation is kept within the planned limits, the balance of foreign trade remains positive. 6 out of 7 most important parameters of the forecast of socio-economic development have been met. The...

Lukashenko highlighted existing issues in trade and economy, particularly, with Russia Belarus President Alexander Lukashenko held a session to discuss economic issues. Among the crucial issues discussed were the gross domestic product, export because it generates the inflow of foreign currency to the country, elimination of hindrances in the Belarus’ economic development. The president invited the participants of the session to discuss existing issues in the trade and economic cooperation, particularly...

International Finance Corporation evaluates competition development in Belarus The Belarusian Antimonopoly Regulation and Trade Ministry and the International Finance Corporation (IFC) have signed a cooperation agreement. According with the document, by the end of 2019, Belarus is to develop a program to promote competition. Apart from that, the agreement provides for calculating Belarus’ competition status index in key industries as well putting efforts into improving antimonopoly legislation...

National Bank and Government to join efforts in ensuring financial stability Belarus has prepared a draft decree on measures to ensure financial stability. The document is being agreed with the government's economic agencies. This was discussed at a meeting of MPs of the House of Representatives with the top officials of the National Bank. The regulator will ensure financial stability together with the Government. In addition, the National Bank may get more rights in managing the main directions...