Some woodworking modernization loans will not be repaid

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April 22, 2016 19:34

Six of nine woodworking enterprises under the operational management of the Development Bank will be unable to repay loans they have received for modernisation by 2030. Given the maturity terms of the loans and preferential interest rates, this means that these enterprises are financially insolvent. As are result, employment in the industry will reduce, state support for the industry will increase in order to stabilise the industry’s financial situation, and some enterprises may be subjected to readjustment procedure. All remaining non-performing loans granted for modernization of the woodworking industry, will be purchased from banks and transferred to the Development Bank for servicing in order to keep them afloat and preserve employment.

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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.