Belkoopsoyuz owes nearly Br500m to suppliers, banks must provide support - Lukashenko

<p> MINSK, Oct 8 - PrimePress. The Belarusian National Union of Consumer Societies (Belkoopsoyuz) owes nearly Br500 million ($200.83 million at the rate of National Bank of Belarus) to suppliers, including Br109 million ($43.78 million, $1/Br2.4897) overdue, and banks must support the country’s largest retailer. President of Belarus Alexander Lukashenko made a statement to this effect at a general meeting of representatives of the members of the Belarusian National Union of Consumer Societies (Belkoopsoyuz) on 8 October. </p> <p>   </p> <p> Lukashenko: “Belkoopsoyuz has been unable to reverse the trend of worsening economic indicators. Yes, it has operated in the black for the last couple of years as a whole but the profits are close to zero: 0.6% in H1 2020 and H1 2021. There is no financial durability margin in the industry. And without it normal investments and new business ventures are impossible. How are you going to grow and implement your plans? In essence you are now engaged in simple reproduction, in other words, you waste available resources. Which is alarming. Belkoopsoyuz has the largest volume of accounts payable for consumer goods. Do you know what surprises me in your debts? Here are the figures. You owe nearly Br0.5 billion to agricultural enterprises and other suppliers of products and services. Of the figure Br109 million or 24% is overdue accounts payable.” </p> <p>   </p> <p> In his words, Belkoopsoyuz owes Br3 million ($1.3m) in overdue taxes to the state budget. Belkoopsoyuz owes a total of Br337 million ($135.36m) to banks, including only Br2.5 million ($1m) (0.7%) in overdue debts. “What conclusion is prompted by this financial mess? A very simple one. Your management and you are most afraid of the bankers, who may not give you loans if you don't pay up. This is why you channel all your profits primarily into paying the debts to banks and rather high interest rates. Meanwhile, you couldn't care less about the state budget although the budget and taxes are sacred in all the countries! You couldn't care less about your suppliers, who you have probably saddled with disadvantageous contracts with huge deferments of payments,” said Lukashenko. </p> <p>   </p> <p> Lukashenko stressed that banks could also give some leeway to Belkoopsoyuz. “Bankers should make a step towards rural residents instead of their profits. They should at least consider a 50-50 ratio. But no, they've secured their profits and don't care for the state budget and the rest. This approach has to stop,” he said. </p> <p>   </p> <p> Lukashenko instructed the new Belkoopsoyuz head (Oleg Matskevich) to put financial matters in order within the next few months. “If bankers and the rest are not accommodating enough, call the chairman of the State Control Committee. I look forward to your report at the end of the year,” he added. End </p> <p>   </p> <p> Consumer cooperation in the territory of Belarus originated in June 1917, when the Union of Consumer Societies of Minsk District was established. In its present form Belkoopsoyuz was created by consumer societies and their regional unions, and it is under the jurisdiction of the government according to the presidential ordinance #289 of 5 May 2006. The consumer cooperation society of Belarus includes trade (8.5 thousand shops), public catering (2 thousand objects), industry (500 enterprises and shops), procurement and foreign economic activity, fur farming, education, transport, services and construction. End </p>

2021-10-09

Primepress