Minister of finances: Belarus to throw Br18.5 trillion in economy

• 7.02.2012, 15:01

Minister of finances Andrei Kharkavets decides to strengthen the degree of inflation and devaluation expectations in the country.

He again reminded about the sum the authorities plan to throw in the country’s economy under transparent schemes of state support, AFN news agency writes.

“It is planned to allocate Br18.5 trillion for financing the essential government programmes. This volume will be gained from Br7 trillion accumulated by the government and from bank funds, including repayable funds,” Kharkavets said.

Br2 trillion from the sum will be spent on the equipment programme, Br2.7 trillion – on buying 2012 crop, Br2.7 trillion on dairy industry development, Br1.6 trillion on buying motor fuels and Br7.5 trillion on the housing programme.

Kharkavets specified the authorities need Br3 trillion more.

“This sum is not critical. We can find (print) it at the cost of non-state resources, including commercial banks and foreign markets,” the minister hopes.

Vicious circle of Kharkavets

“Additional beneficiary conditions for enterprises will soon be created to search for resources on the financial market by their own efforts,” the minister said.

According to him, the heads of ministries and regions and directors of enterprises are supposed to work out effective projects able to cover the expenses in a short period of time.

“We have only a few [projects],” Kharkavets stated noting most ministries and the local authorities are trying to ensure growth at the cost of expanding the adopted state programmes.

No projects, no money. But one cannot develop projects without money. But you cannot get money unless you have projects.