Commentary to Decree No. 78 of 23 February 2016

    On 23 February Belarus President Aleksandr Lukashenko signed Decree No. 78 “Concerning the measures to enhance the effectiveness of the social and economic sector of the Republic of Belarus”.

    The document lays down systemic measures meant to improve the performance of the economy by ensuring proper quality of management of state enterprises and by reducing prime costs in addition to developing bona fide competition on the home market. Increase and diversification of export and rational import substitution are mentioned as well.

    Plans have been made for the accelerated development of small and medium businesses, the attraction of foreign capital into the establishment and development of manufacturing enterprises, a gradual decrease in interest rates on loans.

    The decree also stipulates guidelines for providing additional support to low-income citizens and families with kids. Including by apportioning up to Br8 trillion from the central state budget in 2016 for the sake of providing social support measures to individual population categories and up to Br2.8 trillion from municipal budgets for the sake of providing cashless housing subsidies.

    The document stipulates clear approaches to mobilizing the available workforce for the sake of timely and effective resolution of social and economic development problems on the basis of prominent division of responsibility.