Эта страница не доступна на русском языке.

Focus areas

In the medium term, economic competitiveness will depend on efforts to modernise industry and increase its efficiency, not least energy efficiency. Achieving these goals would require further liberalisation and commercialisation of the financial sector operations in order to optimise allocation of scarce capital resources. Some recent reforms have contributed to deregulation and have improved the business environment. The further simplification of the taxation regime and enhanced protection of property rights would help to sustain this reform momentum and encourage entrepreneurship and greater private investment. A continuation of the strong commitment to implement prudent fiscal and monetary policies, including a moderation of directed lending, will be crucial to preserving macroeconomic stability in the wake of the global economic crisis and, in particular, weak external demand.

Liberalisation and privatisation

Privatisation and the further liberalisation of prices and wages are among the key structural policy commitments under the International Monetary Fund (IMF) agreement.

The process of corporatisation of state-owned enterprises has continued, but the implementation of the privatisation programme proved to be difficult.

Business environment and competition

Notable progress has been made in the area of deregulation, including the streamlining of registration rules for real estate transactions, registration policy for enterprises and individual entrepreneurs and simplification of liquidation procedures. In fiscal year 2009, the authorities continued their policy of lowering the rate of turnover tax. In addition, consultations between the authorities and the business community have become more common.

However, firms continue to experience a number of significant problems, including excessive and arbitrary regulation and a complicated tax system.

Price controls, production targets, wage restrictions and inadequately educated workforce are common.

Financial sector

Despite the difficult external environment, credit to enterprises and consumers continued to grow, except for small and medium-sized firms, which find it hard to access credit.

In response to the turbulence in the banking sectors of neighbouring countries, the authorities introduced universal deposit insurance coverage. This contributed to levelling the playing field between Belarusbank and other banks. The National Bank of Belarus (NBB) continued strengthening the quality of bank supervision. However, the sector remains dominated by large state-owned banks.

Last updated 21 April 2010

Publications

  • Belarus factsheet

    Belarus factsheet

    This document provides an overview of the EBRD's work in Belarus.

© European Bank for Reconstruction and Development 2012