BELARUS NEWS AND ANALYSIS
DATE:
30/01/2009
IFC Helps Belarus Develop Reform Plan to Strengthen Business Environment
In Minsk:
Nadezhda Sinelnik
Phone: + 375 172 28 17 79
Phone: + 375 172 22 74 40
E-mail: nsinelnik@ifc.org
Minsk, Belarus, January 29, 2009-IFC, a member of the World Bank Group, helped the government of Belarus develop a broad package of proposed business reforms that could strengthen the economy by removing barriers to entrepreneurship.
The 52-measure reform plan, adopted by the government on January 13, includes 10 recommendations proposed by IFC Advisory Services' Business Enabling Environment program. The plan is expected to be fully implemented by the end of this year. In Belarus, the IFC program is operated with financial support from the Swedish International Development Cooperation Agency.
The measures recommended by IFC include streamlining administrative procedures for starting a business and reducing the number of documents required to obtain permits. Belarus, which has been hit hard by the global financial crisis, has rapidly improved its business climate in recent years. Last year, it ranked fourth among the Top 10 most active regulatory reformers worldwide, according to the World Bank Group's Doing Business 2009 report.
Andrei Tur, Belarus' Deputy Minister of Economy said the reform plan reflects the recommendations of the World Bank Group and the International Monetary Fund. "We considered the proposals and addressed all bottlenecks identified by the financial institutions during the Doing Business 2009 survey," he said. Last year, Belarus sharply improved its global ranking on the overall ease of doing business, moving up to 85 from 115. "This year, we will try to improve the Belarus rating even more," Tur said.
Belarus' new reform plan also includes measures to improve tax and customs legislation, property and land issues, price and antimonopoly regulations, and administrative and technical procedures.
Belarus became a member of IFC in November 1992. At the invitation of the government, IFC has been involved in advisory work in the country since 1993. To date, IFC has implemented a range of advisory projects and has committed over $150 million in the local financial, agribusiness, and retail sectors.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit www.ifc.org.
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