Highly profitable enterprises in Belarus forced to share profits

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April 22, 2016 19:00

In November – December 2014, 11 highly profitable enterprises in Belarus will transfer part of their profits (totalling BYR 677 billion) to the National Development Fund.

Belaruskali will pay the largest share - more than BYR 442 billion, thus partially compensating for the losses from the abolition of the potash export duty. Financial health and investment activity of enterprises subject to the regulation will reduce. State control over the activities of non-state economic sector will increase in order to replenish the state budget. In addition, the state might strengthen liability of enterprises and citizens for various violations in the economic sphere. Non-core governmental programmes might not receive full funding in order to implement budgetary savings.

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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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