On 4 May 2017 Belarusian president Alexander Lukashenka declared that Belarus plans to gain approximately $50bn in exports off goods produced in the Great Stone industrial park. Meanwhile, on 3 April 2017, Moscow and Minsk resolved all their disputes in the oil and gas sector. On 18 April 2017, Belarusian prime minister Andrey Kobyakov announced that the Belarusian economy has avoided recession, with 0.3 per cent GDP growth in the first quarter of the year.
On 4 May 2017 Belarusian president Alexander Lukashenka declared that Belarus plans to gain approximately $50bn in exports off goods produced in the Great Stone industrial park.
Meanwhile, on 3 April 2017, Moscow and Minsk resolved all their disputes in the oil and gas sector.
On 18 April 2017, Belarusian prime minister Andrey Kobyakov announced that the Belarusian economy has avoided recession, with 0.3 per cent GDP growth in the first quarter of the year.
26 April 2017
Next month, Belarusian leader Alexander Lukashenka will head for China. While he remains isolated in the West, this will be his tenth visit to Beijing. Addressing the Belarusian parliament on 21 April, Lukashenka gave much attention to Belarusian-Chinese relations and Belarus's key role in the Chinese 'Silk Road' project.
Political contacts between the countries look...
06 April 2017
On 3 April, Belarusian president Alexander Lukashenka succeeded in securing concessions from Vladimir Putin following a year-long oil and gas dispute between the two countries. In order to reach a deal, Minsk put the idea of buying oil from non-Russian sources back on the table.
On 15 February, the news source Reuters reported an oil deal between Belarus and Iran. It involved 80,000...
04 April 2017
On 3 April 2017, Economy Minister Vladimir Zinovsky announced a negative forecast for first quarter GDP growth in Belarus. This comes despite an increase in industrial output and exports at the end of March.
In this context, on 6 March a new IMF mission arrived in Belarus in an attempt to encourage the authorities to implement further economic reforms.
28 February 2017
On 20 February 2017, Belstat, Belarus's official statistical agency, announced that the GDP has once again dropped by 0.5 per cent in January compared with the same month in 2016.
However, on 21 February 2017, Prime Minister of Belarus Alexey Kobyakov tried to mitigate the country's economic problems by claiming that Russia's oil cuts are the main cause of current economic...
03 February 2017
On 3 January 2017, The Eurasian Development Bank announced that Belarus is the only economy among CIS countries with a forecasted GDP decline in 2017.
Meantime, the biggest problem of 2016 remains unresolved – on 28 January 2017, the Deputy Prime Minister of Russia Arkady Dvorkovich once again raised the bill for Belarus's supposed oil-gas debt.
In this light, the...
30 January 2017
Since late 2016, Belarusian tax authorities have started sending out notifications to all unemployed Belarusians forcing them to reimburse the government for 'state expenditures.'
In other words, the Belarusian state automatically assumes that all people not reported as working are freeloaders, taking advantage of the social system without contributing to it.
27 January 2017
On 15 January Belarusian president Aliaksandr Lukashenka set off for official visits to Egypt and Sudan, where he conducted negotiations with the leaders of the two countries.
Belarus is trying to broaden its economic relations with developing countries. However, its seems that the main reason behind Egypt and Sudan's growing interest in Belarus lies not in the high quality of...
13 January 2017
The year 2016 left Belarus with a serious economic problem: its unresolved dispute with Russia over energy.
On 9 January 2017, the Russian daily Kommersant revealed that Moscow will reduce oil supplies to Belarus from 4.5 to 4m tonnes in the first quarter of 2017. In doing so, Russia is pressing Belarus to pay its $425m gas debt.
Simultaneously, Belarus announced the...
09 January 2017
While the governments of Belarus and Lithuania continue to clash over the construction of the Astraviec nuclear power plant, Lithuanian investors in Belarus are continuing to operate normally. Lithuanian businessmen became the largest Western investors in Belarus, adding more than €80 mln to the Belarusian economy in 2015.
Investments remain at a high level, although several...
03 January 2017
As of 26 December 2016, the oil and gas dispute between Belarus and Russia remains unresolved.
Moreover, Russia persistently rejects any tradeoffs: this deprives Belarus of a substantial part its foreign exchange earnings from petroleum product sales, thus aggravating the economic recession in Belarus.
In turn, the growth of state debt points to the formation of stable insolvency...
01 December 2016
On 26 November Belarusian Deputy Prime Minister Vladimir Semashko announced that the recession in the Belarusian manufacturing sector has ended.
However, Belarusian banks strongly disagree with this statement. They yearn for more financially stable corporate borrowers, especially in the industrial sector.
Meantime, oil refining – currently the mainstay of Belarusian...
15 November 2016
On 31 October, several years after imports of non-Russian oil into Belarus ceased, the first cargo train carrying Azerbaijani oil reached a refinery in the Belarusian city of Mazyr.
Although the Belarusian government has so far imported only a limited amount of alternative oil, Minsk has nevertheless demonstrated to other nations that this is possible. This has changed the geopolitics...