By Andrei Laptenok: Interaction between Belarus and the International Monetary Fund, as well as a new credit programme became the main subjects discussed at a meeting held by the President. The Belarusian leader was primarily interested in the situation in this area, in particular, in the financial institution’s requirements towards Belarus and whether the country, and most importantly, the people were ready for that. Alexander Lukashenko suggested that the Government should assess the situation in the real and financial sectors of the Belarusian economy and determine how the implementation of those plans may affect the development of enterprises and the welfare of Belarus’ citizens. There are a number of sensitive issues, such as increasing tariffs for housing and utility services and state property management. However, as stressed by the President, the main thing in decision-making is the people. The Belarusian side must adhere to national interests. Negotiations on a new loan program will continue - tomorrow a delegation of the Government and the National Bank is scheduled to leave for the United States to hold talks with IMF representatives.
Belarus joined the IMF in 1992, resorting to its financial resources three times over the 23 years of cooperation – 217 million dollars (from 1992 to 2008), almost 80 million dollars under the stand-by mechanism and 3.5 billion dollars under the stand-by arrangement. Fulfilling its obligations, Belarus fully paid off its debts to the IMF in March last year, which was followed by resuming the cooperation and plans to receive a new loan. Belarus’ reputation of a punctual payer allows the country to be comfortable about defending its national interests today.
According to the IMF, deep structural reforms should be carried out for long-term economic growth. Only by implementing them, the country can count on support. It has never been a secret that the IMF loans helped Belarus maintain stability on the foreign exchange market, ensure greater stability of the financial system and keep low unemployment levels in the difficult times. But Alexander Lukashenko believes that discussing a new credit programme with the International Monetary Fund can only take place in view of the interests of the Belarusian people. The paradox of the current situation consists in the fact that Belarus is being asked to reform the economy that is already being reformed. IMF experts themselves have repeatedly pointed out that Belarus has been transforming its economic model through production modernisation, monetary sphere stabilisation and a new export strategy with searching for new markets.
There is an issue that has always been and will be hypersensitive to the common people in any country; that has a level of well-being indicator and situation in the economy - the cost of housing services. It is proposed to raise the price, cancel the benefits. What is this if not a real punch in the stomach, say the Belarusians!
The opinion of the President is absolutely identical with almost one hundred percent of the surveyed. The smooth increase in tariffs of not more than five dollars a year period. The head of state has repeatedly pointed out: any point of the program proposed by fund experts, does not cause rejection of the Belarusian party, because the program itself is based on a completely objective laws of economics and human life.
Efficient allocation of resources in the economy, changes in the management of the property, business environment, export diversification.. Even China and the US are trying to find new tools for small and medium-sized businesses.
Alexander Lukashenko urged the Government to assess the readiness of the real and financial sectors of the Belarusian economy to possible upcoming formations and how the implementation of these plans will affect the development of enterprises and the welfare of Belarusian citizens.
Tomorrow the delegation of the Government and the National Bank will leave for the United States.
