National Bank suggest that companies seek cheap loans outside banking system
As of September 1st, 2016 Belarus established an Encumbered Assets Registry, and started the transition to International Financial Reporting Standards, which should increase the transparency at enterprises vis-à-vis foreign creditors, and should bring other financial resources outside the banking sector. The expected discount rate in 2017 is projected at 15%-17% (against current 18%), which would not make loans substantially cheaper for enterprises. Enterprises may boost activity on the domestic market by selling assets and bonds to private persons. The Belarusian authorities are likely to lift the ban on asset sales for some loss-making enterprises and some assets may be put up on the international market. Enterprises, which will be unable to raise additional funds or to restructure current debt, will be subjected to compulsory rehabilitation procedure by Belarusian banks.
The Belarusian authorities regard the Catholic conference as yet another international event to promote Minsk as a global negotiating platform. Minsk’s proposal to organise a meeting between the Roman-Catholic Church and the Russian Orthodox Church is rather an image-making undertaking than a serious intention. However, the authorities could somewhat extend the opportunities for the Roman-Catholic Church in Belarus due to developing contacts with the Catholic world.
Minsk is attempting to lay out a mosaic from various international religious, political and sportive events to shape a positive image of Belarus for promoting the Helsinki 2.0 idea.
Belarus’ invitation to the head of the Holy See for a meeting with the Patriarch of the Russian Orthodox Church should be regarded as a continuation of her foreign policy efforts in shaping Minsk’s peacekeeping image and enhancing Belarus’ international weight. The Belarusian authorities are aware that their initiative is unlikely to find supporters among the leadership of the Russian Orthodox Church in Moscow. In Russia, isolationist sentiments prevail.
In addition, for domestic audiences, the authorities make up for the lack of tangible economic growth with demonstrations of growth in Minsk’s authority at international level through providing a platform for religious, sportive and other dialogues.