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EBRD to help Belarus improve governance of SOEs

Economy 13.09.2017 | 17:46

MINSK, 13 September (BelTA) – Belarus First Deputy Prime Minister Vasily Matyushevsky conducted negotiations with President of the European Bank for Reconstruction and Development (EBRD) Suma Chakrabarti, BelTA learned from the press service of the Belarusian government.

During the negotiations, the government and the EBRD signed a memorandum of understanding on the improvement of the governance of state-owned enterprises (SOEs).

The document is meant to lay the groundwork for Belarus-EBRD cooperation in working out proposals on improving the management of SOEs in Belarus and on introducing elements of corporate governance into these companies, the Belarusian State Property Committee told BelTA. The memorandum is designed to increase the effectiveness of SOEs, develop them, and promote a competitive environment. These aims should be achieved by dividing the government's functions of a regulator and owner, by mitigating fiscal risks, and also by increasing the public sector's attractiveness for investors.

The draft memorandum was endorsed by Resolution No. 681 of the Council of Ministers of 11 September 2017.

“The EBRD's experience and expertise play a crucial role in our cooperation. The bank will aspire to provide technical grant assistance in order to introduce elements of corporate governance into state-owned enterprises,” the State Property Committee clarified.

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