MINSK, 16 October (BelTA) – The projections for the year 2026 should outline a realistic but ambitious scenario, Belarusian President Aleksandr Lukashenko said during a meeting on the draft forecast documents for the upcoming year, BelTA has learned.
“As for the forecast targets for 2026, we need a realistic yet ambitious scenario,” the president said.
Aleksandr Lukashenko does not exclude the possibility that someone might propose a growth rate higher than the estimated 2.8%. “If someone wants to propose 3-3.5%, they are welcome. [They must explain] how they are going to achieve this growth, what means they will use for that and what personal contributions they are going to make to achieve this higher dynamic. If someone proposes a lower rate, then explain how this will be perceived by our society and how Belarus will live. One cannot simply stand up and say: ‘We are planning too little now, we need more.’ More based on what?” the head of state outlined his approach.
He requested a detailed report on the drivers of the economic growth that the government estimates at 2.8%.
He stated that the Russian economy is shrinking and this situation cannot be ignored, given that Russia accounts for about 67% of Belarus’ exports and 56% of imports. “Therefore, we need detailed digitized commodity plans more than ever: what we produce and in what volumes, where we sell it, and how much foreign currency we will bring into the country,” the president emphasized.
Lukashenko unsatisfied with Belarus’ economic performance in 2025
The head of state recalled that this year marks the end of the sixth five-year program. He stressed that extraordinary efforts must be made before the end of 2025 to meet all the set targets.
“The situation is still ambiguous,” the president noted. “On the one hand, there are tangible results: real wages and overall household incomes have been steadily growing. This year, pensions have been increased twice. Our national currency has strengthened, and gold and foreign exchange reserves have reached record levels (though even liberals are now asking whether we truly need reserves of this scale, and why we are voluntarily freezing the reserves we already have, given the shortage of foreign currency).”
Lukashenko outlines key concerns in connection with draft budget 2026
“To what extent are the economic plans and the budgetary plans aligned and balanced with each other? The documents suggest that the Finance Ministry has developed a budget with a deficit, while not critical still a deficit. We have significant public debt payments coming up (2026 is one of the peak periods). Are there sources to cover them? Will all social obligations be fulfilled fully and on time?” the head of state asked the questions.
He also noted that new state programs will be launched next year. The government has already compiled a list of them, which will be reviewed separately. “Most of them are social and economic ones and are funded from the budgets. But what is the basis of these programs? How was the need for resources determined? These must be real, practical plans aimed at a specific and effective result!” the Belarusian leader emphasized.
Lukashenko requires smooth operation of ‘mobilization economy’ to offset key market slump
Speaking about the results the conference is supposed to produce, the president stressed: “The key thing is I want to see in what manner we have organized the work of the so-called mobilization economy as a matter of principle. Mass media often use this term and it sounds right. And give me concrete examples, without rigmarole and general contemplations about ‘the controlled cooling down of the Russian market’ as the key reason behind our difficulties.”
For example, deputy prime ministers with concrete names have been assigned to develop export, which, by the way, is going downhill for now. “How do the prime minister, the government, and the presidium hold them and the minister of foreign affairs responsible?” Aleksandr Lukashenko wondered.
Lukashenko calls for a push in key markets
“We need to strengthen accountability for effective work in Kazakhstan, Uzbekistan, and Azerbaijan. This initiative comes from you, and you are right about it. These markets are huge, and we are welcome there. We need to intensify our work in our core markets,” the head of state said.
He noted that the Russian president recently pointed out that bilateral trade between Belarus and Russia exceeds Russia’s trade with all other CIS countries combined.
Lukashenko asks National Bank to deliver plan tied to economic growth
“As for the monetary policy, Roman Aleksandrovich [Golovchenko, Head of the National Bank], I want to be clear from the very start: I expect the National Bank to deliver a clear plan of action, one that is fully tied to our economic growth targets,” the president said.
Aleksandr Lukashenko also inquired about what new proposals the National Bank's leadership has for supporting exporters, what the strategy is for managing gold and foreign currency reserves, and where the additional revenues are being allocated.
Lukashenko: People need price stability, not stable rise in prices
“The most important issue is controlling inflation. Let me remind you, people need price stability, not a stable rise in prices!” the head of state emphasized.
The National Bank and the government are proposing an inflation target of up to 7%. “That means that we should set a limit,” he noted.
Aleksandr Lukashenko also stated that he had recently "questioned" First Deputy Prime Minister Nikolai Snopkov, including about pricing issues. “You have reported this to me. You are personally responsible for this. We will discuss this further. We do not need, as some have suggested, to restrain price increases or anything like that. What we need is fair pricing, so that people can afford the things they need,” the president said.
Lukashenko speaks against inessential construction projects
The president noted that new state programs will be launched next year. The government has already compiled a list of them, which will be reviewed separately. “Most of them are social and economic ones and are funded from the budgets. But what is the basis of these programs? How was the need for resources determined? These must be real, practical plans aimed at a specific and effective result!” the Belarusian leader emphasized.
Follow us on:
