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Belarus president says no to shock therapy in economy

English.news.cn   2011-11-23 08:02:44 FeedbackPrintRSS

MINSK, Nov. 22 (Xinhua) -- Belarusian President Alexander Lukashenko Tuesday warned that he would not allow shock economic reforms in his country, local media reported.

It is not permissible now to suggest the "shock therapy," which burnt the fingers of Belarus and its neighbors in the 1990s, Lukashenko said at a government meeting.

"Our economic potential and current conditions won't let reckless experiments, which will negatively affect the welfare of the population. The policy of our state has always been serving the people, and no one may deviate from this principle," he said.

According to the president, Belarus has no opportunity to meet the forecast of economic indicators for 2011.

He said there are a lot of problems either in industry, or agriculture, or housing construction and modernization of production, adding the most serious problem is inflation.

The Belarusian ruble lost two-thirds of its value this year as a result of a balance-of-payments crisis.

Consumer prices rose 92.3 percent in October from a year earlier compared with 79.6 percent in September.

Belarus signed a deal to borrow 3 billion U.S. dollars from a Russia-led regional bailout fund.

It also hopes to borrow up to 8 billion dollars from the International Monetary Fund, but the Fund has said it first wants to see more reforms of the state-dominated economy.

Editor: Fang Yang
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