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In other words this was tantamount to providing subsidies.
During the fist five months of 1997 such targeted lending accounted for 93% of central bank lending. These loans were directed exclusively towards agriculture and the housing sector. Cf. IMF, Belarus-Recent Economic Developments, Washington D.C., 1997.
Throughout the period under consideration gross currency reserves were below the level required to finance one month's imports.
Prime Minister Ling put this proportion at 80%; cf. RFE/RL Newsline, vol. 2, no. 54, part II, 19 March 1998,Belarus Economic Trends, December 1997, p. 8.
Belarus Economic Trends, December 1997, p. 8.
In March 1998 Russia temporarily demanded that the proportion be raised to 70%.
Under proposed legislation the checks distributed to the population will be able to be used for privatisation in other areas (e.g. land)
In contrast to this practice, in the Russian Federation the “Golden Share” can only be introduced in the context of an imminent privatisation and even then only in the case of those companies whose privatisation requires approval by the government or the State Property Committee. In Belarus even local authority organisations can decide on the introduction of a “Golden Share”.
Cf. Minsk Economic News, no. 3/1998, p. 5.
According to the head of the presidial administration in Belarusian television; see Reuters, 21 March 1998.
Cf. Reuters, 18 March 1998.
Belarusian television; see also Reuters, 20 March 1998.
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DIW., IFW. & IWH. The economic situation in the Republic of Belarus. Economic Bulletin 35, 3–10 (1998). https://doi.org/10.1007/BF02677367
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DOI: https://doi.org/10.1007/BF02677367