Alexander Lukashenko: our main task in economy is not to let the problems affect the living standards of people

3 декабря 2021
The external pressure on the Belarusian economy should not deteriorate the living standards of people. Given the multiple risks - including the ongoing pandemic and the ongoing sanctions stranglehold, the Belarusian economy is showing positive results. Though not everywhere, most of the economic plans are being fulfilled. 

The state duly performs its social obligations, too! These trends should be preserved, says the President. And no matter how many sanctions packages were prepared for Belarus by our "opponents", the quality of life must not suffer. We have coped with it before, and we will continue coping with it in the future, Alexander Lukashenko is sure. Nonetheless, the government is ready to give a mirror answer to the sanctions.

All the sanctions packages have been "repulsed" this year. And the proof is the growth of the economy.  The GDP has increased by almost 2.5% over 10 months.  The industrial production is generally ahead of all forecasts. And 60% of products are expected abroad. 

Even though the prices on socially important goods have not risen substantially, the consumer has seen a noticeable jump in prices for some commodity items. No matter how hard the government tries to argue that the rise in price of literally everything has become a global trend in 2021, the President says: we are not going to enter the New Year with such inflation.  The President declared that in 2022 the inflation rate should not exceed 6%.

Economic results and forecasts

Alexander Lukashenko urges the Cabinet of Ministers to focus on the most relevant activities in this difficult period. The sales to foreign markets have increased by a third, the economy has earned $8.5 billion extra. 

 As for investment, many expensive projects have been completed or are underway, such as a nuclear power plant or Petrikov Mining Plant, oil refining. But this is constant motion, perpetual motion, therefore investment including those in the budget, are mandatory. 

Budget-2022

But on the whole, the budget is preliminary drafted with a deficit. And it cannot be called something extraordinary. Belarusians have lived with such a budget before. And this year it was like that too! Once again the expenditures are slightly higher than the revenues.  But this will not be a problem for the people who are guaranteed budgetary support. 

Finance Ministry: All social obligations of budget 2022 will be met

At the same time the Ministry of Finance promises to fulfill all debt obligations under foreign loans. Belarus has a reputation as a reliable taxpayer. They are not going to compromise it. More than half of the obligations are owed to our Russian partners. 

А. Lukashenko about the Western ultimatum: they want Belarus to be like Ukraine

But Belarus does not accept the language of sanctions and ultimatums. There will be no external curators and no dancing to someone's music. And we won't be like Ukraine.

А. Lukashenko advised Western diplomats in Belarus not harry up to pack their suitcases

Obviously, the external pressure requires a prompt reaction. This is the case when one cannot withstand it only by the unity of the authorities and the society. The President is certain: at a moment like this, one cannot put decisions off indefinitely. The delay can fireback drastically. So it is high time to leave the bureaucracy in the past.

President demands to strengthen the executive discipline and carry out the decisions immediately

However, the Cabinet of Ministers is already demonstrating how fast decisions can be made.  Since Europe supported the fifth sanctions package for Belarus, the Prime Minister announced that we have an answer ready. According to R. Golovchenko, in the next few days, Belarus is going to introduce the retaliatory sanctions against the West.

Roman Golovchenko, Prime Minister of Belarus:

"The Belarusian side has repeatedly warned its partners that such actions are illegitimate. Secondly, it affects citizens, about whom they allegedly care, and the enterprises. But nevertheless, these decisions were taken. Belarus has several times postponed serious retaliatory measures, counting on the prudence of the other side. Yet, it was not demonstrated, so in the coming days we are going to introduce a package of retaliatory economic measures in response to the restrictive measures that have been taken against our country. Their list will be quite long. It will no longer be the so-called asymmetric or technical measures. These will be the economic measures in response to the pressure we are subjected to." 

The Prime Minister declared that it is impossible to deny the sanctions pressure, but the task is to minimize it. 

R. Golovchenko: Economic growth of not less than 2% planned in Belarus in 2022

Roman Golovchenko, the Prime Minister of Belarus:

"We plan the economic growth of not less than 2%, although we are told that it will be impossible to achieve. They have been telling it us for many years. Fortunately, we refuted these forecasts. We are realists, we understand the conditions under which we will have to work, but we set the task of growth for ourselves. And, of course, the main reserve for growth will be the external demand."