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Joint Resolution of the Council of Ministers and National Bank of Belarus

from 12.04.2012

№ 328/9

Government, NBRB adopt action plan to hit economic growth targets

The government and the National Bank of the Republic of Belarus have adopted a joint action plan to reach goals set by the social and economic development forecast, the budget law and the Major Monetary Management Guidelines for 2012. The decision is laid down by resolution No. 328/9 of 12 April of the Council of Ministers and the National Bank.

The action plan lays down measures to create macroeconomic conditions to reach this year’s GDP growth rate goal of 105-105.5% and hit targets set by the national social and economic development program for 2011-2015.

In line with the action plan draft legal acts on the implementation of the law “State indicative planning of the social and economic development of the Republic of Belarus” will be worked out. The net increase in lending for state programs using earlier accumulated budget leftovers has been limited for 2012. Government programs will be financed with assistance of OAO Development Bank of the Republic of Belarus, with banks invited to finance the program via tenders and via voluntary participation.

Taxation will be improved. VAT collection will be improved by optimized tax deduction procedures. The rates of the tax on extracting natural resources will be tuned. There are plans to consider changing approaches to assessing the taxable base for the real estate tax taking into account real estate market development. Tax preferences will be optimized as well as their number.

Measures have been worked out to stabilize prices, to keep inflation under 19-22%. At the economy branch (region) level measures will be worked out and implemented to tame prices taking into account peculiarities of operation of individual organizations. Measures will be taken to streamline regulated prices in order to remove price disproportions, reduce cross subsidizing and budget subsidizing taking into account income of citizens and the price situation as well as forecasted inflation.

Shipments of socially important products onto the home market in sufficient amounts will be under control. There are plans to limit importer’s retail prices for socially important products. A draft decree provides for setting up an independent antimonopoly body.

There are plans to improve and step up innovation efforts, in particular, the establishment of Belbiograd and other R&D bodies. The joint action plan also includes measures to improve Belarus’ investment climate. Draft decrees to implement several innovation projects are under development. Among them is the construction of a plant to make sulfate bleached pulp at premises of OAO Svetlogorsk Pulp and Board Plant, the retooling of a branch of Dobrush Paper Factory Geroy Truda.

The action plan also provides for working out a program to provide state support to small and medium businesses in Belarus in 2013-2015.​

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