11.10.2011
Belarus should post $1.8bn in foreign trade surplus in 2012
MINSK, 11 October (BelTA) – Belarus should reach $1.8 billion in foreign trade surplus in goods and services in 2012, Prime Minister of Belarus Mikhail Myasnikovich said at a session of the Council of Ministers to discuss import substitution, BelTA has learnt.
“In 2012 Belarus should post $1.8 billion in foreign trade surplus in goods and services. It is an extremely challenging task,” the Premier said.
In his words, the government needs to thoroughly analyze the economic structure and the expenses that constitute GDP, so that the whole thing will not look like a hare-brained scheme.
Mikhail Myasnikovich underlined that in the current economic environment import substitution is no longer a merely economic task. “These figures (import substitution – BelTA’s note) determine the national security of the country,” the Prime Minister said. He explained that this affects the national currency exchange rate, inflation, household incomes, the balance of payments and the trade balance. “Therefore, the head of state has set a tough, but fair task for the government – we need to reverse the situation with import, raise the competitiveness of the national economy,” Mikhail Myasnikovich said.
He informed that Belarus started the year 2011 with a “very bad foreign trade deficit” of 17% of GDP. “This exceeds the sustainability level almost three times,” he said. At the same time, by August 2011 the foreign trade deficit was reduced to 8% of GDP. “It looks not bad. However, this was achieved mainly due to the monetary factors and adjustment of the currency exchange rate, not because of a serious economic restructuring and reduction of imports,” he said. The Premier emphasized the need for the relevant managerial decisions.
Mikhail Myasnikovich accused some governors, ministers and other top government officials of populism and lack of efforts to implement import substitution projects. “Some heads of oblast executive committees, ministries and agencies do not realize the need for major stabilization efforts, there is a lot of populism, no understanding of the real threat for the country which might emerge in case Belarus will not take serious efforts to reduce reliance on imports,” the Belarusian Premier noted.
He called the participants of the session to come up with measures to increase export, reduce import and formalize these efforts in the relevant documents. “We need to take on this challenge. We might even revise the structure of the program portfolio,” Mikhail Myasnikovich said.
“In 2012 Belarus should post $1.8 billion in foreign trade surplus in goods and services. It is an extremely challenging task,” the Premier said.
In his words, the government needs to thoroughly analyze the economic structure and the expenses that constitute GDP, so that the whole thing will not look like a hare-brained scheme.
Mikhail Myasnikovich underlined that in the current economic environment import substitution is no longer a merely economic task. “These figures (import substitution – BelTA’s note) determine the national security of the country,” the Prime Minister said. He explained that this affects the national currency exchange rate, inflation, household incomes, the balance of payments and the trade balance. “Therefore, the head of state has set a tough, but fair task for the government – we need to reverse the situation with import, raise the competitiveness of the national economy,” Mikhail Myasnikovich said.
He informed that Belarus started the year 2011 with a “very bad foreign trade deficit” of 17% of GDP. “This exceeds the sustainability level almost three times,” he said. At the same time, by August 2011 the foreign trade deficit was reduced to 8% of GDP. “It looks not bad. However, this was achieved mainly due to the monetary factors and adjustment of the currency exchange rate, not because of a serious economic restructuring and reduction of imports,” he said. The Premier emphasized the need for the relevant managerial decisions.
Mikhail Myasnikovich accused some governors, ministers and other top government officials of populism and lack of efforts to implement import substitution projects. “Some heads of oblast executive committees, ministries and agencies do not realize the need for major stabilization efforts, there is a lot of populism, no understanding of the real threat for the country which might emerge in case Belarus will not take serious efforts to reduce reliance on imports,” the Belarusian Premier noted.
He called the participants of the session to come up with measures to increase export, reduce import and formalize these efforts in the relevant documents. “We need to take on this challenge. We might even revise the structure of the program portfolio,” Mikhail Myasnikovich said.