Financial situation at Belaruskali to improve thanks to reduced export duties on potash fertilizers

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October 31, 2016 11:28

According to the Decree No 392 of October 25th, 2016, export duty on potash fertilizers was reduced from Euro 55 to Euro 45 per tonne. The new duty will apply from October 1st through December 31st 2016. Export duty was reduced due to a significant deterioration of the financial health at Belaruskali, the main producer of potash fertilizers in Belarus. Thanks to this measure, net profits in the chemical industry should grow, and the investment programme aiming to develop a new deposit should speed up implementation. Belaruskali may spend part of the savings on financial benefits for employees and on improving working conditions. In addition, terms of payment for deliveries and rendered services should reduce. Given full state control over the enterprise, if necessary, it could be listed among highly profitable companies in the country, which would entail additional payments to the National Development Fund by late 2016.

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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.

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