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Economy
26 March 2020, 19:15

Possible to implement Belarusian economy support measures in face of COVID-19 in several stages

The Belarusian Economy Ministry. An archive photo
The Belarusian Economy Ministry. An archive photo

MINSK, 26 March (BelTA) – Measures to support the Belarusian economy in face of COVID-19 can be implemented in several stages, BelTA learned from Belarusian Deputy Economy Minister Yuri Chebotar during the session of the Council of Ministers' Presidium held on 26 March to discuss a set of measures designed to keep the national economy stable in view of the epidemiological situation in the world.

The official said: “We receive proposals on ways to support the Belarusian economy every day and we have to make decisions. Later on we are going to analyze the next measures and look for possibilities to make the next steps.”

In his words, the experience of the European Union and countries of the Eurasian Economic Union, proposals of the private sector were taken into account in order to work out the measures the Council of Ministers' Presidium will discuss today. “As a matter of principle, the proposals we've come up with are not new. They get implemented in many countries as part of the budget and fiscal policy. Today we will discuss the possibility of providing tax holidays among other things. As for the monetary management policy, everyone asks about the affordability of loans so we will discuss it, too. Measures to be taken on the consumer market, measures concerning joint work of the EAEU member states will be discussed as well,” the deputy economy minister explained. Proposals to adjust the size of rent are being discussed, too.

Tax holidays for the most vulnerable industries are under consideration. The reduction of property taxes and their deferment are possible. Yuri Chebotar pointed out that most of the countries have already determined the most vulnerable industries: tourism, mass transport, and passenger transportation.

For now the Economy Ministry cannot disclose how much money the anticrisis plan will need.

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