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National Bank head questions export surplus plans

The head of the National Bank of Belarus (NBB) on Tuesday called into question the government's ambitious plans to secure an export surplus in 2015, BelaPAN said.

While speaking at a meeting of the Council of Ministers' Presidium, NBB Chairman Pyotr Prakapovich noted that the country's exports were projected to rise by 15.9 percent and imports by 15.8 percent this year. "Exports and imports are rising at the same pace," he stressed while addressing Foreign Minister Syarhey Martynaw.

"In the previous five-year program we planned that exports would grow at a higher rate than imports, but we're not making such plans in the first year of the new five-year program," he said.

Mr. Martynaw noted that the program envisages the introduction of incentives for boosting exports. "If they are adopted and work, the program will be fulfilled," he said.

The minister acknowledged that some industries viewed the program's export increase targets as unrealistic.

In particular, the Belbiopharm pharmaceutical concern has been set the task of raising exports four times but is ready to secure only a rise of 150 percent, Mr. Martynaw said.

The agriculture ministry said that the export of farm produce would increase by 120 percent, not by 200 percent as projected by the government.

The foreign minister said that the government may have to revise downward the export increase targets.

Belarus' deficit in foreign trade in goods topped $9.6 billion in 2010.