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EBRD adopts new Belarus strategy
The Board of Directors of the European Bank for Reconstruction and Development
has adopted a new strategy for Belarus reiterating serious concerns over the
country’s political and economic developments.
Because of lack of progress towards democratic and market reforms in Belarus,
the EBRD will again focus its activities on private sector development, in
accordance with the Baseline scenario that was set out in the previous
Strategy of May 2002. This approach of limited operations and continuing
policy dialogue is consistent with the wish expressed by local NGOs, business
representatives and others for the EBRD to stay engaged and support reform.
The EBRD’s activities will mainly take the form of supporting small and
medium-sized enterprises through local private banks and offering direct loans
or equity to larger foreign or local private corporates.
The EBRD views this approach as the most appropriate way to further its
enduring objectives of strengthening private entrepreneurship at the
grassroots level.
While government officials have shown a willingness to engage in policy
dialogue, the Bank urges the authorities to take up opportunities to introduce
substantive, practical reforms in both the political and economic spheres
during the two-year life of the new EBRD Country strategy and notes that the
upcoming parliamentary elections in October 2004 will present one such
occasion.
Should the Belarus authorities demonstrate willingness to proceed with the
political and economic reforms the country needs, the EBRD stands ready to
expand its operations in support of the reform process.
The new strategy and
the text of a letter from EBRD President Jean Lemierre to the President of
Belarus are available on this site.
The Strategy document expresses serious concern over the slow pace of
transition to democracy and market economy. It notes that there has been only
limited progress in the authorities’ commitment to, and application of, the
principles of multi-party democracy, pluralism and market economics in
accordance with Article 1 of the agreement establishing the EBRD. In some
areas, it says, there has been backtracking.
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