Belarus' government reviews economic performance in H1 2015

Belarus' government reviews economic performance in H1 2015

Balanced foreign trade, stabilization of foreign exchange reserves and a slowdown in inflation in Belarus. Results of the socio-economic development of Belarus for the first half was summed up today, on August 14, by the government.

The economy is in a difficult external environment. And yet, the country timely pays off foreign debts and ensures the growth of export. Budget revenues amounted to 4.5 percent of GDP.

The most important task of the government in the second half is to restore economic growth. Belarus needs to further increase exports and attract investments, premier Andrei Kobyakov said.

Andrei Kobyakov, the Prime Minister of the Republic of Belarus:
We live within our means. The first half of the year. The head of state set before us this task. The task was to live within our means. The economy operates in a balanced mode. This is confirmed by the following factors: we calmly and in full pay off government foreign currency liabilities (in July there was a peak of foreign debt payments, including the debut Eurobond issue), and we hardly increased the national debt, and even increased the reserves a little.

Vladimir Zinovsky, Minister of Economy of the Republic of Belarus:
The economy of our country is developing in the first half in a fairly difficult external economic environment. For an open economy it was extremely difficult. You know that the GDP in the Russian Federation in H1 2015 fell by 3.5 percent, and this is our main market. I want to say that we have large enough trade with Ukraine. In H1 2015, it fell by 17.1 percent. Of course, in such conditions, it was hard work for our economy. What has the government done? Of course, we worked towards macroeconomic stabilization. At least this is our opinion.