BELARUS NEWS AND ANALYSIS

DATE:

05/11/2008

Belarus is in Better Position Amid Crisis Than Other Countries - Lukashenko

MINSK. Nov 5 (Interfax) - Belarus is in quite a favorable position amid the ongoing global financial crisis compared to other countries, but it should take into account negative processes on international financial markets, Belarusian President Alexander Lukashenko said.

"Although Belarus has been affected by negative processes on the global stock and financial markets least of all compared to its neighbors, we should nevertheless take into account our involvement in the global economy. In order not to allow a slump in our development, we need to act preemptively," Lukashenko said at a session dealing with government guarantees of individual bank deposits.

"Belarus has found itself in the most beneficial position in confronting the global economic challenges," which has been predetermined by two key factors, Lukashenko said.

"First, the model of development that Belarus is pursuing, which implies the state's active role, a clear system of government institutions, a controllable economy, efficient elements of long- term planning, and mobilization of internal resources - all this has a positive effect on the people and the state," Lukashenko said.

Belarus "did not thoughtlessly plunge into financial speculations but has been developing the real sector of its economy," he said.

The second most important factor of stability is people's confidence in the government and the banks, Lukashenko said.

At the same time, the president said the Belarusian economic system should become more liberal. "While everyone is suffering from the global financial crisis, we need to significantly advance toward liberalizing the economy. The government is strong enough, and we have enough administrative leverage," he said.

Source:

http://www.istockanalyst.com/article/viewiStockNews+articleid_2772255.html

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