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25 March 2020, 19:21

Belarusian Finance Ministry reveals what economy branches will get coronavirus-triggered support

Maksim Yermolovich. An archive photo
Maksim Yermolovich. An archive photo

MINSK, 25 March (BelTA) – Plans are in place to support entire branches of the national economy in addition to using a custom approach to large enterprises due to the coronavirus situation, BelTA learned from Belarusian Finance Minister Maksim Yermolovich on 25 March.

The official said: “We target specific industries that may be potentially harmed in this situation such as tourism, transportation and logistics, public catering, hotel business, entrepreneurship activities, consumer services.”

As for large enterprises, it is likely they will need a custom-tailored approach and the state of affairs at every one of them will have to be analyzed.

“We are talking about building an integrated model to provide support. Not only the Finance Ministry with its response tools (the budget and the taxes) is involved in it but banks and the social policy as well,” Maksim Yermolovich explained.

The Finance Ministry has already come up with proposals focusing on the fiscal policy. These proposals include initiatives of business unions and industry-specific associations. “These proposals are ready and have been submitted for consideration of the Council of Ministers. We intend to discuss them in a meeting with a large number of participants tomorrow,” Maksim Yermolovich noted.

He specified those were not all the measures that can be implemented in this situation. “The Finance Ministry responds to any negative manifestations very fast and will try to weaken them as much as possible. We are going to discuss the first package of measures now. It will be necessary to tap into some additional resources. We are ready, we will find the resources, and will infuse them into the national economy,” the finance minister added.

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