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14 May 2022, 18:00

Golovchenko: The Belarusian economy feels rather confident despite sanctions

MINSK, 14 May (BelTA) – The Belarusian economy feels rather confident despite sanctions. Prime Minister of Belarus Roman Golovchenko made the statement in an interview with the TV channel Al Arabiya, BelTA has learned.

Roman Golovchenko said: “The Belarusian economy feels rather confident. We saw a small decrease in the volumes of output and the export of products affected by European Union sanctions. Time is needed to redirect the flows. We are working on it now. Nevertheless, a positive balance of payments has been secured as well as a surplus of foreign trade. Financial results of the work of main enterprises of the economy are positive. Rising world prices are having an effect. In other words, we compensate losses of output and export figures with higher prices.”

The average profit margin of sales of Belarusian industrial goods is 8-9%. “It is sufficient for honoring loan liabilities and for paying out salaries on time. Real earnings of the population have not been decreased. All the social commitments regarding the payment of pensions and benefits are honored. As of today the economy is rather healthy,” the prime minister noted.

“Nevertheless, we understand that very serious and intensive work needs to be done in order to prevent a deterioration of the situation and in order to at least secure performance on par with last year's,” Roman Golovchenko pointed out. “The world doesn't end with the West. We have plenty of partners, who are interested in our products and are ready to invest in Belarus. By the way, fresh statistics says that the first quarter of the year saw the highest volume of foreign investments in Belarus in the last eight years.”

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