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Belarusian economy expected to secure breakthrough in 2017

Economy 21.04.2017 | 14:56
Vladimir Zinovsky. An archive photo
Vladimir Zinovsky. An archive photo

MINSK, 21 April (BelTA) – The year 2017 should be a breakthrough one for the Belarusian economy, BelTA learned from Belarusian Economy Minister Vladimir Zinovsky on 21 April.

The official said: “No doubt, this year should be a breakthrough one for the economy. It is necessary to stabilize the good situation of balanced growth. Let me explain. We stopped printing money a long time ago. Instead we use the money supply we have now. The refinancing rate has been reduced several times this year already thanks to the rather low inflation.” Vladimir Zinovsky specified that Q1 2017 saw inflation as low as 1.7% while they expected inflation to exceed 4%. “This is why the annual inflation is very likely to be at 9% or lower. The lower it is, the faster the refinancing rate will be reduced as well as the interest rate on loans for enterprises,” said the economy minister.

“Cheaper credit resources for the economy will allow us to secure the level of salaries we've been talking about, provided ministries, concerns, and the oblast administrations work hard. It is necessary to make more products and sell them instead of warehousing them. Then we will have money and salaries,” noted Vladimir Zinovsky.

Speaking about efforts to simplify business operation terms in Belarus, the economy minister pointed out that a package of documents had been prepared and submitted for public discussion. “Business operation terms need to be liberalized. The number of audits and inspections needs to be reduced radically among other things. Audits will be arranged where necessary but pestering private businessmen every day with demands is not a good idea,” the economy minister was convinced.

In his opinion, Belarusian private companies need a certain minimal set of mandatory rules. Everything else will be on their conscience. “There is no doubt the measure will increase the output of products and services and will make its own contribution to the development of the economy,” said Vladimir Zinovsky.

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