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Belarus president signs decrees to set next year's economic development targets

President 01.11.2019 | 17:41
The National Bank of the Republic of Belarus. An archive photo
The National Bank of the Republic of Belarus. An archive photo

MINSK, 1 November (BelTA) – Belarus President Aleksandr Lukashenko has signed two decrees stipulating the next year's social and economic development targets, BelTA has learned.

The decrees specify key targets of the country's social and economic development. Their achievement will be used to evaluate performance of the government and the central bank.

The targets have been set taking into account the need to maintain macroeconomic balance, raise the nation's living standards, and shape conditions for faster economic growth in the medium term.

The GDP growth rate is projected to reach 102.8%, with the growth rate of export projected at 103.6% and that of the real disposable cash income of the population at 102.4%. The surplus of foreign trade in merchandise and services is expected at 1% of the GDP. A number of other targets are also specified.

The Council of Ministers and the central bank are hereby instructed to come up with additional measures to spur economic growth, in particular, to increase labor productivity, enable favorable conditions for work of investors, reduce oversight and administrative pressure on commercial entities, and tap into used reserves of economic growth.

The next year's monetary policy will be geared towards stabilizing the inflation, which is measured by the consumer price index, at 5% at most (December 2020 as against December 2019).

The central bank will endeavor to keep prices stable by controlling money supply as part of the monetary targeting regime. The balanced growth of money supply will be fostered by positive interest rates.

A number of measures will be taken to curb systemic risks, maintain the level of the gold and foreign exchange reserves, ensure the safe operation of Belarusian banks and non-banking credit and finance institutions, OAO Development Bank of the Republic of Belarus, and ensure effective work of the payment system.

Measures will also be taken to diversify and enhance the structure of the financial market and reduce the use of foreign currencies as part of the Belarusian economy.

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