Business climate liberalization
Belarus simplifies foreign trade conditions. For instance, registration of transactions will be carried out not of every individual annex to the foreign trade contract but of a contract as a whole. As a result the number of addresses of enterprises to the banks will reduce. Moreover, fees for bank registration of transactions will be cancelled.
The government is trying to follow the plan of simplifying business environment and improving business ratings. This mosaic-type policy is ineffective in the current circumstances however it could be beneficial in the long term with the restoration of the credibility of the economic policy and of the Belarusian authorities.
The country's leadership has instructed the local authorities to raise minimum wages at enterprises by the end of 2019 to BYN 1,000, which would lead to an increase in the average wage in the economy as a whole to BYN 1 500. The pace of wage growth in 2017 is insufficient to ensure payroll at BYN 1000 by late 2017 without manipulating statistical indicators. In order to fulfil the president’s order, the government would have to increase budgetary expenditures on wages in healthcare and education, enterprises – to carry out further layoffs and expand the practice of taking loans to pay wages and restrict investment in modernisation of fixed assets. In 2010, the artificial increase in wages led to a threefold devaluation in 2011, an increase in the average salary to BYN 1500 will not match the capabilities of the economy and would lead to yet another devaluation.