Deputy minister: Number of loss-making companies in Belarus is lowest on record

MINSK, 20 February (BelTA) – The number of loss-making companies in Belarus is the lowest on record, Belarus' Deputy Economy Minister Dmitry Yaroshevich told the Belarus 1 TV channel, BelTA informs.

“There is no statistical data for January yet, to say nothing of February. Yet, there are results for 2022 and they are really good. The profitability of sales was 8.6%, the highest in the past eight years. The debt burden of enterprises is decreasing, which means that the revenue earned by enterprises allows them to pay off their debts on time. Accordingly, this laid the basis for this year, because the funds that enterprises earned last year will be used this year,” Dmitry Yaroshevich said.

According to him, this is indirectly suggested by the findings of a market survey among industrial enterprises conducted by the Economy Research Institute of the Economy Ministry of Belarus. “Some 90% of the surveyed company chiefs intend to either retain the same number of employees or increase staff in the near future,” the deputy minister added.

Dmitry Yaroshevich specified that the number of unprofitable enterprises in Belarus is the lowest on record - 11.1%. “It is true, there are not enough resources for investment cycles, but we addressed this matter in the documents for the current year. In fact, this instruction was given at the Belarusian People's Congress and laid out in the socio-economic development program. There are 129 projects, one project per one district. Resources for these projects are envisaged in a special program of the Development Bank. We are closely supervising practically each of these projects, we inspect project sites (I mean senior officials of the Economy Ministry), provide methodological support, and give advice. Although, of course, local authorities and company chiefs will play an important role in project implementation. Many projects have already started and are running, but some need an impetus. We believe that this instruction will be fulfilled, if not this year, then certainly in the remaining period,” he stressed.