OREANDA-NEWS. Belarus plans to support manufacturing industries in 2014 with a total of Br45 trillion worth of soft loans (USD 4.712bn) and Br4.8 trillions worth of central budget funds (USD 502.618m).

Belarus' Premier Mikhail Myasnikovich made a statement to this effect at the latest session of the Presidium of the Cabinet of Ministers.

All in all, they have earmarked around Br23 trillion (USD 2.408 billion) in soft credits and around Br12 trillion in central budget funds (USD 1.256 billion) for agriculture support.

The premier has assured the gathering that all spending will be under strict control.

The bulk of government subsidies this year will go to support exports and production upgrade.

The premier also addressed the balance of foreign trade. The increase in export and optimization of import are also top on the agenda, he said. “We should give a solid boost to export and rationalize import in order to secure a trade surplus,” Myasnikovich said.

Speaking of targets and forecasts, the premier emphasized that the performance of industrial companies will be evaluated with regard to their incomes, labour productivity and self-sufficiency in turnover assets.

“We should decisively embark on restructuring poorly performing and insolvent companies,” the premier said. “Inefficient companies should not keep going on the back of endless subsidies and at the expense of well-performing enterprises,” the premier said.

“Companies should be relieved from noncore and auxiliary functions. The transfer of all noncore assets to local authorities should be completed in the first quarter of 2014”, the premier said.

Mikhail Myasnikovich suggests turning construction, transport, social and other subdivisions engaged in noncore businesses into self-sufficient operators.

Myasnikovich had to acknowledge inadequate support provided to small and medium-size businesses by local authorities. The potential is much bigger, he said.