Belarus’ move to adopt International Financial Reporting Standards (IFRS) and clarifications on January 1, 2017 will contribute to increasing the transparency of Belarus’ corporate sector for investors and creditors, Pavel Laschenko, EY Belarus Managing Partner, believes. The IFRS standards will acquire the same legal status as guidelines and provisions of the Finance Ministry of Belarus…
The government’s committee for economic, financial and legal policy has approved of a list of enterprises to be privatized in 2016-2017, among them are Turboatom, Electrotyazhmash, the United Mining and Chemical Company, the State Food and Grain Corporation, and a state stake in Zaporozhye Titanium and Magnesium Combine LLC. A respective draft resolution was approved…
In H1 2016 resident companies in Belarusian free economic zones (FEZ) secured a surplus of foreign trade in merchandise as large as $452.6 million, up by 14.6% YoY, the National Statistics Committee of Belarus reported. In H1 2016 their merchandise export reached $1,718.3 million, up by 2.1% YoY. The top exports were tires, mixed mineral…
The National Bank of Belarus and the State Control Committee have adopted a joint resolution lowering the ceiling on cashless payments subject to reporting from BYR5 million (approx. $250) to BYN300 (approx $150). The ceiling has been lowered by 70%. The document says in addition to banks, relevant cashless transactions need to be reported by…
Mogilev region of Belarus and Hunan province of China have signed a memorandum on developing friendly relations. The document was inked by Mogilev region Vice Governor Dmitry Kharitonchik and Head of the Foreign and Overseas Chinese Affairs Office of the People’s Government of Hunan province Xiao Bailing. According to Dmitry Kharitonchik, the first serious step…
Azerbaijan hired McKinsey & Company, a worldwide management consulting firm, to develop a road map for the country’s economy to 2025 and beyond. “We were expecting to enter the post-oil era in about 10-15 years, but we have practically found ourselves in that situation already today”, Natiq Amirov, Azerbaijani presidential aide on economic reforms, said.…
The European Bank for Reconstruction and Development (EBRD) is extending a 10 million euro loan to PP Polesie JLLC (PP Polesie), a leading producer of children’s plastic toys in Belarus. PP Polesie is one of the major exporters of toys to Russia and is also actively expanding in the EU member-states including Germany, Italy and…