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19 October 2016

Belarusian state-run enterprises in for first ever profound financial diagnostics

Plans have been made to submit Belarusian state-run enterprises to profound financial diagnostics for the first time ever in addition to evaluating their fiscal risks. Belarusian First Deputy Economy Minister Alexander Zaborovsky made the statement during the roundtable session held in BelTA’s press center on 19 October to discuss key points and the balance of interests in Belarus-IMF talks.

The official remarked: “The possibility of arranging profound financial diagnostics of all the state-run enterprises in addition to an independent evaluation of every large enterprise is being discussed with the IMF. Our views on the matter coincide with those of the IMF: it is necessary to analyze the situation in detail in order to gauge fiscal risks. The effort should be concentrated in one system for managing fiscal risks — the Finance Ministry. This way all the state-run enterprises will be given such profound financial diagnostics for the first time ever. Their fiscal risks will be gauged as well.”

Among other measures to rehabilitate the state sector the First Deputy Economy Minister mentioned the enhancement of oversight over state-run enterprises by separating regulation and ownership functions of the state. “We want professionals to take care of ownership functions. Improving the effectiveness of corporate administration is the top priority,” explained the official. Plans have also been made to simplify the mechanism of adding investments to the charter capital. The possibility of giving more authority to the Asset Management Agency is under consideration.