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Belarus - one of the Bank’s least reformed countries of operation - made some progress recently in structural reform, with some improvements in the environment for small and medium-sized enterprises, the streamlining of taxation, limited price liberalisation and selected privatisation. However, the state continues to dominate the economy and the private sector continues to face significant administrative and regulatory burdens.
The transparent privatisation of state-owned enterprises remains a major challenge. The authorities released a long list of enterprises to be privatised in 2011-13, but are yet to make firm decisions on privatisation of several real and banking sector firms. However, the authorities’ commitment to privatisation is in question as the political environment deteriorated after the presidential elections. Pinskdrev, a privately owned company, was taken over by the state after an industrial incident.
A new five year plan backed up by a presidential directive, approved in December 2010, are intended to encourage private sector development and FDI inflows. If implemented, the reforms should help support economic growth and mitigate significant macroeconomic vulnerabilities. However, the authorities' commitment to significant structural reforms remains in question. The highly centralised municipal utilities and infrastructure sectors need to undergo commercialisation and modernisation.
More developments and challenges
|
No. of projects |
39 |
|---|---|
|
Net business volume |
€726.5 million |
|
Total project value |
€970.5 million |
|
Gross disbursements |
€278.9 million |
|
Portfolio in private sector |
100% |

In December 2009 the EBRD Board of Directors approved a ‘calibrated’ Strategy for Belarus, which enables the Bank to respond in a flexible way to developments in the country measured against clearly set out political and economic benchmarks. In April 2011 the Board met to review the Bank’s operations and the country’s adherence to those benchmarks.
Some progress was noted in the economic sphere, however, due to the negative political developments surrounding the December 2010 presidential election and the international community’s continuing concerns regarding treatment of the political opposition, civil society and independent media in Belarus, the EBRD’s Board of Directors has decided to ‘recalibrate’ the Bank’s operational approach to Belarus within its existing Strategy.
In accordance with this ‘recalibration’ of the Strategy for Belarus, the Bank will no longer consider investments in public sector projects in power or transport infrastructure, nor will it consider direct public sector engagement in the area of sustainable energy. Other conditions – for example with regards to working with state-owned banks or in privatisation and pre-privatisation support – have also been tightened to remain in conformity with the criteria established in the Country Strategy for Belarus.
34A Engelsa Street, building 2
220030 Minsk
Belarus
Tel: +375 17 210 4787
Fax: +375 17 328 3522

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