Belarus PM: economic reforms lead countries ‘to economic collapse and default’

Raman Halouchanka. Photo: BelTA

Speaking at the recent All-Belarusian People’s Assembly, Belarusian Prime Minister Raman Halouchanka criticized the proposals of economic reforms.

The Prime Minister said that proposals to “reform the Belarusian economy along the liberal lines,” had led ” more than one state to economic collapse and default”.

“We are being stubbornly served with the same recipes from abroad: minimization of the role of the state in the economy, large-scale privatization of state assets, opening the market to the free import of foreign goods,” said Halouchanka.

According to the official, there are “even more exotic things” among these proposals, such as dissolving the Ministry of Industry and Ministry of Housing. Such approaches, said the Prime Minister, prepare Belarus “to play the role of a supplier of labor and a market for goods”.

Halouchanka stressed that the government has its own plan for the country’s development, “aimed at building a strong economy and the maximum involvement of available resources to ensure our well-being. For this purpose it is planned to realize a “policy of economic growth” through “stimulation of domestic consumption and rational import substitution, increase of incomes of the population and realization of state programs”.

They also plan to deploy a new investment cycle, reducing the risks and costs of investors, creating conditions to attract “long money” in the economy, creating a developed infrastructure in all regions of the country. And the export strategy will be aimed at introducing tools of financial and institutional support for exporters of all forms of ownership.

The need for investment in this five-year period is estimated at more than 200 billion BYN, said Halouchanka.