Belarus - A period of big borrowings is over in Belarus

The period of big borrowings in Belarus is over, Deputy Prime Minister of Belarus Andrei Kobyakov said. "I hope we have passed the peak of big borrowings. We believe that the economic situation in Belarus will be improving in 2010. We count more on foreign investments rather than on government lending," Andrei Kobyakov said.

When asked about extra measures to increase the investment attractiveness of the country, Andrei Kobyakov said that at first everything that has been adopted before should be implemented. "Making it to the top thirty countries with the best doing business conditions remains a major priority. We undertake additional measures on the way to it," he added.

Belarus expects the World Bank 0mn loan by the end of the year. The World Bank Board of Directors will consider this issue in early December this year. After approval by the Board of Directors, the loan agreement will be signed with Belarus.

"We have all agreements prepared. We do not see any obstacle for this not to happen," the Vice-Premier said.

A Financial Development Agency may be set up in 2010, Deputy Prime Minister of Belarus Andrei Kobyakov also said. "Many banks have the assets which they assess as problem assets. Quite often these assets are allocated under the national programmes. Such agencies are widely used in international practice. The IMF has recommended us to set up the agency to improve the state of banks' balances," he said.


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