The European Bank for Reconstruction and Development (EBRD) expects the Belarusian economy to grow by 0.7% in 2014 and by 0.5% in 2015. The figures were specified by EBRD Director for Ireland, Denmark, Kosovo and Lithuania Sean Donlon at the press conference held on 26 September to present results of the visit of the EBRD Board of Directors delegation to Belarus, BelTA has learned.

Sean Donlon told media: “We expect the economy to grow this year. We also expect economy growth in Belarus next year”. The bank's forecasts change as the situation in the country changes. Since H1 2014 demonstrated good economic indicators, the EBRD revised Belarus' expected economy growth to 0.7%. “Our forecast for the next year has not been changed: we expect 0.5% growth,” he said.

The EBRD representative remarked that the factors that influence economy development are rather complicated and change all the time. “Our sources in the financial sector also share our positive outlook and we believe that Belarus is on the right track,” he said. All the economies have had certain difficulties in the last few years. The ability to find a way out of a complicated situation is what matters. “Your ability to overcome such complications is astounding,” noted Sean Donlon.

The economy of Belarus is on the rise, the government is taking certain measures to secure the growth. “At the same time we would like to see more substantial steps in some areas,” said the EBRD representative. All these topics are openly discussed with Belarusian authorities. In particular, on 26 September Sean Donlon met with Prime Minister of Belarus Mikhail Myasnikovich and recommended developing Belarus' private sector.

The delegation of the EBRD Board of Directors has been in Belarus on a five-day visit since 22 September. While in Belarus they visited several towns and cities, including Smorgon, Fanipol, Baranovichi, and Minsk. During the visit members of the delegation met with representatives of municipal government agencies, central government agencies, foreign and Belarusian investors, representatives of non-governmental organizations in order to discuss the political and economic development of the country.

The EBRD is a major investor in Belarus. As of 1 September 2014 the bank has allocated over €1.5 billion for 66 projects, with €883 million invested in the last five years. In 2013 the volume of the EBRD's operations reached a record high of €255 million. The bank used the money to support projects of local and foreign investors in Belarus' private sector. In Q1 2014 the EBRD invested €124.4 million in Belarus.


 

BelTA