Belarus proves ready for Western sanctions, sustains economic growth – Lukashenko
<p> MINSK, Jul 19 - PrimePress. Belarus proved ready for Western sanctions and has managed to sustain economic growth. Belarusian President Alexander Lukashenko made a statement to this effect in an interview with Sky News Arabia, as reported by the president’s press-service. </p> <p> </p> <p> “Of course, sanctions are unpleasant for any country. I admit it. But we realized that sooner or later these sanctions would be introduced. They were imposed against our individuals (these are 150-200 real patriots of our country) who run the country and defend it, and against our biggest companies. For what? In order to destroy our economy. We expected this and prepared for this,” said Lukashenko. </p> <p> </p> <p> With this being said, according to Lukashenko, the country’s economy has been growing steadily since early 2021. “In H1 2021, the gross domestic product in Belarus expanded by about 3.5%. This is more than we planned last year,” Lukashenko said. </p> <p> </p> <p> He explained that losses in the West-European direction had proved non-critical in the context of foreign trade diversification. “We have been promoting cooperation with your region, with Central Asia. But our main partner is Russia… So we keep going, staying on the watch for other nasty stuff they can come up with and are preparing for this. Meanwhile, our GDP has added 3.5%,” said Lukashenko. </p> <p> </p> <p> As previously reported, the EU Council on 25 June 2021 introduced sanctions against largest sectors of Belarus’ economy entities in response to human rights abuse by Belarus authorities and the Ryanair diversion incident of 23 May 2021. The EU Council prohibited EU entities and individuals from purchasing, selling, and provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments with a maturity exceeding 90 days, issued after 29 June 2021. Securities of large credit institutions or other institutions with more than 50% state ownership or control as of 29 June 2021 are also prohibited. The ban also affects bonds issued by major credit or other institutions established in Belarus with over 50 % public ownership or control as of 29 June 2021 (Belarusbank, Belinvestbank, Belagroprombank). The government of Belarus, public bodies, corporations or agencies, or entities acting at their direction, are prohibited from acquiring insurance or reinsurance services from the EU. Any payments or disbursements by the European Investment Bank in connection with any existing agreements with the Republic of Belarus or its public authorities shall be prohibited. The ban also applies to continuation of EIB technical aid contracts. </p> <p> </p> <p> As previously reported, Belarus’ bilateral trade with the EU in 2020 totalled $11.9 billion (exports - $5.4 billion, imports - $6.5 billion). Trade with the EU in the first quarter of 2021 accounted for 21% of Belarus’ total foreign trade turnover. </p> <p> </p> <p> July 6, Lukashenko held a meeting on countering sanctions. In his words, Belarus may consider imposing restrictions on overland transit in the event of new Western sanctions. He also instructed the government to pay attention to the work of foreign companies in Belarus and to the transit of cargo through its territory. In his opinion, restrictions should be imposed on German companies. In this regard, he reminded that in April 2021, the Belarusian government banned imports of Škoda Auto (Czech Republic), Liqui Moly and Beiersdorf (Germany) for six months. </p> <p> </p> <p> According to the National Statistical Committee of Belarus (Belstat), Belarus’ GDP grew by 3.3% year on year in January-June 2021 to Br78.928 billion ($31.15 billion at the exchange rate of the National Bank of Belarus). The government of Belarus approved a medium-term financial program of the national budget for 2021-2023 under Resolution #227 of April 20, 2012, according to which the Belarusian GDP growth is planned at the level of 1.8% in 2021, 2.9% in 2022 and 3.8% in 2023. End </p>
2021-07-20
Primepress
Belarus proves ready for Western sanctions, sustains economic growth – Lukashenko
MINSK, Jul 19 - PrimePress. Belarus proved ready for Western sanctions and has managed to sustain economic growth. Belarusian President Alexander Lukashenko made a statement to this effect in an interview with Sky News Arabia, as reported by the president’s press-service.
“Of course, sanctions are unpleasant for any country. I admit it. But we realized that sooner or later these sanctions would be introduced. They were imposed against our individuals (these are 150-200 real patriots of our country) who run the country and defend it, and against our biggest companies. For what? In order to destroy our economy. We expected this and prepared for this,” said Lukashenko.
With this being said, according to Lukashenko, the country’s economy has been growing steadily since early 2021. “In H1 2021, the gross domestic product in Belarus expanded by about 3.5%. This is more than we planned last year,” Lukashenko said.
He explained that losses in the West-European direction had proved non-critical in the context of foreign trade diversification. “We have been promoting cooperation with your region, with Central Asia. But our main partner is Russia… So we keep going, staying on the watch for other nasty stuff they can come up with and are preparing for this. Meanwhile, our GDP has added 3.5%,” said Lukashenko.
As previously reported, the EU Council on 25 June 2021 introduced sanctions against largest sectors of Belarus’ economy entities in response to human rights abuse by Belarus authorities and the Ryanair diversion incident of 23 May 2021. The EU Council prohibited EU entities and individuals from purchasing, selling, and provide investment services for or assistance in the issuance of, or otherwise deal with transferable securities and money-market instruments with a maturity exceeding 90 days, issued after 29 June 2021. Securities of large credit institutions or other institutions with more than 50% state ownership or control as of 29 June 2021 are also prohibited. The ban also affects bonds issued by major credit or other institutions established in Belarus with over 50 % public ownership or control as of 29 June 2021 (Belarusbank, Belinvestbank, Belagroprombank). The government of Belarus, public bodies, corporations or agencies, or entities acting at their direction, are prohibited from acquiring insurance or reinsurance services from the EU. Any payments or disbursements by the European Investment Bank in connection with any existing agreements with the Republic of Belarus or its public authorities shall be prohibited. The ban also applies to continuation of EIB technical aid contracts.
As previously reported, Belarus’ bilateral trade with the EU in 2020 totalled $11.9 billion (exports - $5.4 billion, imports - $6.5 billion). Trade with the EU in the first quarter of 2021 accounted for 21% of Belarus’ total foreign trade turnover.
July 6, Lukashenko held a meeting on countering sanctions. In his words, Belarus may consider imposing restrictions on overland transit in the event of new Western sanctions. He also instructed the government to pay attention to the work of foreign companies in Belarus and to the transit of cargo through its territory. In his opinion, restrictions should be imposed on German companies. In this regard, he reminded that in April 2021, the Belarusian government banned imports of Škoda Auto (Czech Republic), Liqui Moly and Beiersdorf (Germany) for six months.
According to the National Statistical Committee of Belarus (Belstat), Belarus’ GDP grew by 3.3% year on year in January-June 2021 to Br78.928 billion ($31.15 billion at the exchange rate of the National Bank of Belarus). The government of Belarus approved a medium-term financial program of the national budget for 2021-2023 under Resolution #227 of April 20, 2012, according to which the Belarusian GDP growth is planned at the level of 1.8% in 2021, 2.9% in 2022 and 3.8% in 2023. End