In anticipation of exports growth, Belarus will take new loans
At an enlarged governmental meeting, the Economy Ministry has presented its vision of government policies and plans for 2016.
The government has rightly and sceptically assessed the possibilities of export growth in 2016, and considers foreign loans as the main source of economic growth. In addition to external borrowing, the government plans to privatise state property to raise circa USD 1 billion. However, as always, the privatisation plan would be extremely difficult to implement.
According to Belstat, in August 7,600 people were dismissed, including 4,800 civil servants. Dismissals of civil servants were due to the optimisation in the public administration by up to 30%. Some civil servants would retain their job however would lose the status of a civil servant. Vacancies on the labour market are likely to reduce in number, thanks to the optimisation, the state administration would increase wages for public servants. The payroll fund for retained employees is likely to increase and some former state employees are likely to get jobs in affiliated organizations. The optimisation of the state apparatus should complete by January 1st, 2018, and some former civil servants are likely to join the ranks of the unemployed.