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Stability allows us to outline plans

Prime Minister Mikhail Myasnikovich reports to President on prospects of socio-economic development in 2012

“According to financial reports — a major indicator of the well-being of the economy — the year’s target GDP growth of 5-6 percent is likely to be met, despite some early scepticism. Of course, larger growth would be even more welcome. However, we need to take into account the balance of payments and our foreign trade balance. We shouldn’t surpass our set limits and the economy should develop in a way that prevents problems for our currency and financial markets,” the President emphasised on meeting Mr. Myasnikovich.

Mr. Lukashenko recognises the need to take measures against inflation. “We now see that this is possible. Where prices are not controlled, they are dropping. We are also levelling them out in some cases; inflation is being regulated,” he stresses. The President notes the necessity of ensuring a positive balance in foreign trade, to avoid drawing too heavily on gold and currency reserves.

Mr. Myasnikovich provided an analytical assessment of the country’s economic development over the first two months of the year, also reporting on the expected results of the first quarter and giving a forecast for the rest of the year. He believes that the economy is working sustainably, with almost all regions and branches fulfilling their targets and agriculture and industry performing particularly well.

The situation on the currency and consumer markets is stable and, as Mr. Myasnikovich stresses, ‘a positive balance is being formed in foreign trade’. He adds, “The inflow of foreign currency is almost $500m higher than the outflow — on a pure basis.”

The realisation of some promising investment projects was also discussed, with the Prime Minister expressing his confidence that targets will be met during the first quarter and over the year. He told the President of the Government’s approach to forecasting the budget and socio-economic development for 2013 and Mr. Lukashenko asked him to dedicate sincere time and effort to budget formation and target setting for the next five years.

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