OREANDA-NEWS. October 28, 2008. In January-October 2008, the Belarus’ economic growth remains stable, Economy Minister of Belarus Nikolai Zaichenko said at the session of the Council of Ministers, reported the Official website www.government.by.

He added that at present the production growth depends “on the situation on the foreign market.” According to the estimate of the Economy Ministry, in January-October 2008, the GDP growth will be high enough, though it may fall 0.1 percentage points in comparison with the nine months (110.7%). It is caused by the slowdown of the retail turnover.

Nikolai Zaichenko said that the Belarusian economy may face certain issues in the future despite the generally positive results of the socio-economic development in January-September 2008. “We all understand that these results had been achieved in the pre-crisis period. The priorities of our foreign economic and financial policy should be changed as a result of the influence of the global financial crisis,” the minister said.

In 2008 Belarus will meet the investments growth target which is 25%, Economy Minister Nikolai Zaichenko said at a session of the Council of Ministers. According to him, in January-September capital investments increased by 23.2%. The Economy Ministry and other government bodies have been carrying out comprehensive work to ensure the growth of investments. “The investment growth schedules have been set out for every ministry, concern, region. We will no doubt reach the 25% growth target by the end of the year,” Nikolai Zaichenko said.

According to the system of investment projects monitoring, investments are not utilised under 80 projects with the total volume of investment of Br361 billion. 53 of them are included in the national innovation development programme and this is especially alarming, Nikolai Zaichenko stressed.

The Bellesbumprom concern is having the biggest problems with investment utilization (around 20%). The Belneftekhim concern has reduced the lagging behind with 21.9% (the target is 25%). “Considering the fact that the concern raises the biggest volume of investment, it is important that it should reach the target. The Ministries of Industry and Agriculture, the city of Minsk and Minsk oblast need to improve their results by the end of the year,” Nikolai Zaichenko said.

A total of 568 projects are underway in Belarus this year under the national investment programme. 258 of them are expected to be delivered this year. Over the nine months 130 facilities were put in operation as against the projected 90.

The utilization of the funds stands at 81.4%.

Belarus will shift accents in the foreign economic and financial areas in the period of the global crisis, Economy Minister of Belarus Nikolai Zaichenko said. He noted that Belarus should prevent the slowdown of the economic growth. The priority task therefore is to step up cooperation with foreign investors interested in investing their money in the Belarusian economy.

In order to raise the efficiency of foreign economic activity the governmental bodies should avoid any risks. The budget and foreign currency reserves spending should be optimized and limited to immediate needs. Foreign trade partners should be pressed for discounts and payment deferment, the minister said.

The imported equipment should be put into operation in due time and used with the highest efficiency possible. Every top manager should focus their efforts on the reduction of accounts receivable for exported goods.

According to Nikolai Zaichenko, “there is nothing unusual about these requirements, these are classical approaches, they are employed by every careful manager at every enterprise.”

The National Bank and the banking system as a whole should quickly undertake additional measures to secure the stability of the Belarusian ruble, ensure continuous financial support of the productive sector of the economy, and preserve gold and currency reserves. Such approaches will help countervail the damage that may be brought about by the global financial crisis, the minister said.