OREANDA-NEWS. May 4, 2012. Belarus’ government hopes that the country’s international ratings will soon be upgraded to the level they were in 2011, Vice Premier Sergei Rumas told.

On April 18 S&P revised its outlook on the Republic of Belarus to stable from negative. Rumas says they had it coming. “The decision reflects the steps the government has been taking to stabilize the economy,” the vice premier said.

According to Rumas, S&P points out a considerable slowdown in inflation growth in Belarus, although the rate of inflation ratestill remains high. “Belarus’ economy expanded 3% in Q1. The situation on the foreign exchange market is stable. The latest progress we have seen leads us to believe that by the end of the year international ratings agencies will upgrade their forecasts on Belarus to the 2011 level”, Rumas said.

Rumas accentuated the point that the government would further focus on restraining inflation growth and reduce the list of state-regulated prices in H2 2012.