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Belarusian Economy Ministry in for restructuring

MINSK, 18 February (BelTA) – The structure of the Belarusian Economy Ministry will be redone. Belarusian Economy Minister Vladimir Zinovsky made the statement at the session of the Ministry's board on 18 February, the Ministry's press service told BelTA. Prime Minister of Belarus Andrei Kobyakov took part in the session.

According to Vladimir Zinovsky, the Belarusian Economy Ministry will have to focus on enabling conditions for the systematic increase in the competitive ability of the Belarusian economy. Indetermination and rapidly changing external conditions were mentioned as the main unfavorable factors.

“If the pace of events quickens, we face new challenges every day and have to make decisions faster,” said the Economy Minister. According to Vladimir Zinovsky, the Ministry will have to focus on improving the national economy management system for the sake of adaptation to rapidly changing conditions and on working out proposals to improve the style and methods of work of government agencies and the government as a whole. Vladimir Zinovsky stated that the structure of the Economy Ministry will be changed, the functions will be optimized for the sake of better performance.

In his words, the development and implementation of concrete measures for the financial restructuring of the economy, effective and profitable operation of enterprises is another important task.

Vladimir Zinovsky also mentioned key priorities for the year and the five-year period such as employment, export and investments. The untapped potential of the private sector was mentioned as a way to keep people employed.

Vladimir Zinovsky noted that taking into account the outlined tasks and priorities this year the Ministry will continue taking care of the matters concerning Belarus' participation in the Eurasian Economic Union. The development of investment cooperation with the People's Republic of China will be a key area of efforts of the Economy Ministry.

The Ministry will also work on other matters. The number includes the expansion of interaction with international economic organizations (the World Bank, the European Bank for Reconstruction and Development, the European Investment Bank), support for the first pilot projects based on public private partnership mechanisms and coordination of efforts of central and municipal government agencies in the development of infrastructure projects using public private partnership. The Ministry will also work out proposals to improve the investment climate, create an attractive business environment, and support small and medium businesses. Efforts in these areas will be exercised by promoting and coordinating the implementation of previously mentioned and formulated initiatives and by developing new strategies and necessary documents, including in association with interested agencies.

New approaches to macroeconomics forecasting, adjustment and correction of forecast documents in changing conditions were also mentioned during the session.

As a result of the session of the Ministry's board a report on last year's performance will be adopted and an executive order on organizing the Ministry's work in 2016 has been adopted.