BELARUS NEWS AND ANALYSIS

DATE:

30/10/2008

Belarus President Calls For "Significant" Liberalization Of Econ

MINSK, Belarus (AFP)--President Alexander Lukashenko called Thursday for "significant" liberalization of Belarus' state-dominated economy in the latest sign the autocratic ex-Soviet republic may be warming to the West.

"In Belarus it is necessary right now to take significant steps towards liberalizing the economy and de-bureacratising the entire system," Lukashenko said at a government meeting, according to his press service.

The country of just under 10 million people, which has been dubbed "Europe's last dictatorship" by Washington, retains a Soviet-style command economy that has seen few market reforms since the collapse of communism.

But it has still been caught up in the global financial crisis and last week requested a $2 billion loan from the International Monetary Fund, which would likely force Minsk to adopt economic reforms.

Belarus has sought closer ties with the West in recent months amid strains in its relationship with traditional ally Russia.

In a sign of warming relations, the European Union lifted a travel ban on Lukashenko and some of his associates earlier this month.

Source:

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=fed31647-efd1-42cb-bd5f-3aac8921a377

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