Meeting with Blearus Prime Minister Andrei Kobyakov

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A manageable and calm situation with regard to the domestic currency market and prices has been secured in Belarus, Prime Minister Andrei Kobyakov told Belarus President Aleksandr Lukashenko on 1 June.

The President was interested in the current state of affairs in the economy where positive trends had emerged. “While we used to waste foreign currency in the past, ‘burning’ the gold and foreign exchange reserves, we are now replenishing them. Individuals and corporations are selling foreign currency. It is a good process,” said Aleksandr Lukashenko.

The head of state underlined that monetary management and exchange policy should be geared towards developing the economy. “But it doesn’t mean that we should abandon the hardline policy,” said the President. Loans should be made available only for the projects, which products will surely sell. “No money is available without these guarantees,” noted the head of state. Companies that have signed contracts will be able to borrow money even for the purpose of replenishing floating assets although for a short term. “There is no need to invent anything. We should stick to this policy,” added the head of state.

The President reminded that he had once warned the government and heads of enterprises that there was no time for dallying. “I can even say there is no time for ‘charging up’ and then ‘shooting’ in late August – early September. Only two months are left. We cannot leave people without work. Otherwise, people will not need a state like this,” noted Aleksandr Lukashenko.

Aleksandr Lukashenko stated that the Belarusian economy has lost nearly $3 billion due to the recession on the Russian market, sanctions, and the embargo. He pointed out that Russia provides systematic support to Belarus, the sides have agreed to find a way out together. The Prime Minister informed the President how the relevant work proceeds.

Apart from that, Andrei Kobyakov informed the President about the progress in the forage harvesting campaign. “Spring was very good. One day is enough to feed a year just like the proverb says. This period of time has begun,” stressed Aleksandr Lukashenko. The head of state urged the government and the Agriculture and Food Ministry to pay close attention to the matter for the sake of harvesting the entire volume of forage. The President added that he would personally inspect the progress of the forage harvesting campaign in the country soon.

During the meeting the Prime Minister reminded that tough measures had to be implemented in December 2014 to adapt the economy to the new conditions. In Q1 2015 the oil price and the Russian ruble’s exchange rate against the U.S. dollar greatly differed from the figures specified by the social and economic development forecast. The adopted measures could not but affect economic performance indicators, primarily the GDP, but they produced results by securing a calm, manageable, and predictable situation with regard to the domestic currency market and the prices.