Minsk, November 3, 2015 – Comprehensive, mutually consistent, and credible reforms are needed for higher productivity and sustainable growth in Belarus, according to Mr. Qimiao Fan, World Bank Country Director for Belarus, Moldova and Ukraine, who delivered a keynote speech at the Kastryčnicky Economic Forum -2015 Economy of Belarus: At a Tipping Point in Minsk on November 3, 2015.
Talking to an audience of the country’s decision makers, policy researchers and development practitioners the World Bank Country Director noted that Belarus has entered a low-growth period with the risk of protracted stagnation and that structural weaknesses need to be addressed to improve competitiveness.
“Partial and inconsistent reforms will make recession longer or make growth short-lived and unstable. Reforms should aim to reduce distortions, improve incentives, create a level playing field and engender innovation,” said Mr. Fan. “A robust social safety net is also needed to facilitate the transition,” he stressed.
The World Bank Group has been working closely with the Belarusian authorities to develop a roadmap for structural reforms and is committed to supporting the country to achieve higher productivity and sustainable growth.
Since the Republic of Belarus joined the World Bank in 1992, lending commitments to the country have totaled US$1.48 billion. In addition, grant financing totaling US$28 million has been provided to various programs, including those with civil society organizations. The active investment lending portfolio financed by the World Bank includes eight operations totaling US$988 million.