Belarus, Russia sign agreement on planning system in Union State

MINSK, 19 December (BelTA) - The agreement on the procedure for forecasting the social and economic development of the Union State and ensuring information exchange on economic issues will lay a solid foundation for building a full-fledged planning and forecasting system in the Union State, Belarusian Economy Minister Aleksandr Chervyakov said after the agreement signing ceremony, BelTA learned from the press service of the Economy Ministry.

The agreement was envisaged in the Union State program for the convergence of macroeconomic policies. "The new agreement lays a solid foundation for building a full-fledged system of Union State planning for short, medium and long term periods. For business of our countries, the strategic planning horizon is important. We need indicators of economic development. Certainty in these matters will greatly simplify and fast-track the processes of drawing up business plans, financial models for production and investment projects," Aleksandr Chervyakov said.

Another aspect is information exchange. Close cooperation has long been established with Russian partners in this area, but it should be formalized for coordinated decision-making and expansion of bilateral ties.

"The successful implementation of the agreement will be the next step towards more efficient macroeconomic policy. This will contribute to the formation of unified principles for the economies of our states and ensure their effective interaction within the framework of the Union State," the head of the Economy Ministry emphasized.