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Upgrade in OECD outlook for Belarus can be discussed in 2020

Economy 08.02.2019 | 10:13
Maksim Yermolovich
Maksim Yermolovich

ROME, 8 February (BelTA) – The upgrade of Belarus' standing in the Country Risk Classification of the Organization for Economic Cooperation and Development (OECD) might be discussed in 2020, Belarus' Finance Minister Maksim Yermolovich told reporters on 7 February following his meeting with Italy's Minister of Economy and Finance Giovanni Tria, BelTA has learned.

“In 2020 we might resume talks with the OECD member states, including Italy, on Belarus' upgrade from the sixth to the fifth group. Macroeconomic indicators, monetary and fiscal policy and its results will have their role here. The upgrade is possible,” Maksim Yermolovich said.

Maksim Yermolovich and his Italian counterpart discussed Belarus-Italy cooperation in the financial sector and relations between Belarus and the European Union, including working conditions of the European Bank for Reconstruction and Development and the European Investment Bank in Belarus.

According to Maksim Yermolovich, Italy has always held a constructive position on trade with Belarus. Now the two countries are expanding their investment partnerships. The parties agreed to step up cooperation between Belarus' Finance Ministry and Italy's Ministry of Economy and Finance, as well as between the business communities of the two countries. It is possible that not only state-run companies, but also private businesses from Italy will open operations in Belarus. New projects can be launched in the energy sector and power engineering.

“Italy is closely following the reforms that are taking place in Belarus. Giovanni Tria highly assessed the work of the government and the country's macroeconomic achievements in the previous years. These changes made Italy more optimistic about cooperation prospects in trade and investment,” the Belarusian minister noted.

The upgrade of Belarus' positions in the OECD ranking will allow reducing the cost of loans for Belarusian companies. The most recent upgrade took place in early 2018 when Belarus was included in the sixth group of countries. Before that Belarus' standing had been upgraded back in 1999.

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