Aleksandr Lukashenko meets with Economy Minister Nikolai Snopkov, President Aide Piotr Prokopovich

Belarusian legislation on export leasing will be revised. The relevant matters were discussed at the meeting of President of Belarus Aleksandr Lukashenko, Economy Minister Nikolai Snopkov, and President Aide Piotr Prokopovich on 19 November.

Leasing is one of the tools to develop export.

Aleksandr Lukashenko remarked that working in the Customs Union requires a revision of the legislation on leasing, rights of leasing companies and lessees.

The government suggests making several adjustments to the present model. In particular, if a lessee turns out to be insolvent due to any reasons and the insolvency has been confirmed by documents, the leased product may remain in the destination country without having to return to Belarus. It will allow cutting down on transportation costs. Leasing operators, which are Belarusian companies or foreign companies representing Belarusian interests in another country, should have the right to sell the leased product in neighboring countries via leasing or sale. The novelty primarily targets machines and vehicles. Transport accounts for 64% of Belarus’ export leasing.

The mechanism is a commonly used international practice. Control over the return of foreign currency earnings from leased sales will be exercised by the National Bank of the Republic of Belarus.

The head of state approved of the government’s approaches and gave relevant instructions to start using them.