World Bank to take part in financing reform of Belarus' public finances

World Bank to take part in financing reform of Belarus' public finances

In the near future, Belarus plans to attract financing of the World Bank to reform the public finances sector, Head of International Technical Assistance Department of the Economy Ministry Ivan Belchik said at a briefing in Minsk on October 22.

Asked whether there are any plans to seek international technical assistance for structural reforms in the country, the Ministry of Economy representative said that such projects are already being implemented.

"There is a project of the Ministry of Finance and the World Bank that involves the reform of the sector of public funding (budget, treasury, etc.). This project is the basis for a World Bank loan, which will be given in the near future directly under the very reform of public finances," said Mr Belchik. According to him, the basic elements of this reform and its concept are being prepared.

The representative of the Ministry of Economy also said that with the support of the World Bank the National Investment and Privatization Agency is implementing a pilot privatization project. "We have identified a pool of companies that we are preparing to sell in line with the best European practices," emphasized Belchik.

In addition, he said that a project to give social support to towns with town-forming enterprises has been implemented thanks to international technical assistance.

"This is one of the most problematic issues - to find a way to employ the population of these towns if businesses there close or downsizing takes place to improve competitiveness. We have already developed methods and information materials that outline options for employment in these regions," Ivan Belchik added.