Members of the House of Representatives of the National Assembly of Belarus have voted for the government's action program for 2015. The relevant decision was made during the sixth session of the fifth convocation on 25 February.

Prime Minister of Belarus Andrei Kobyakov was available to answer questions of the parliamentarians.

The document comprises seven chapters to cover all the areas of efforts of the government. Each chapter specifies concrete goals, tasks, implementation mechanisms, and agencies responsible. Independent sections have been dedicated to major directions of the regional policy, the preservation and enhancement of the human potential, and to ensuring the country's economic security.
In 2015 the key purpose of the Belarus government's work will be ensuring the macroeconomic and social stability in conditions of growing external challenges and threats, securing a quality end of the current five-year term, and enabling conditions for the dynamic economic development of Belarus in 2016-2020 and later on. The top goals include the pursuance of an effective macroeconomic and monetary management policy, the modernization of the state system used to regulate the economy, the promotion of competition, small and medium entrepreneurship, the enhancement and diversification of export, persistent enhancement of integration in the Eurasian Economic Union, and the development of the program for Belarus' social and economic development in 2016-2020.

The government and the National Bank have come up with scenarios that outline the development of the national economy in 2015 depending on oil prices and the exchange rate of the Russian ruble as the most predictable parameters that influence the macroeconomic situation in Belarus. Responses and economy balancing measures have been worked out for each scenario. Belarus' budget might be revised in the course of the year, Belarusian Premier Andrei Kobyakov said at the meeting of the sixth session of the House of Representatives of the fifth convocation on 25 February. “You see how changeable the situation is: we have agreed with our Kazakhstani and Russian partners on $50 per barrel of oil. At present it has already hit $60. This means that revisions will be made depending on the situation. First of all, we are doing our best to find new sources of revenue,” Andrei Kobyakov said.

He reminded the MPs about the head of state's decision to set an export duty of €45 per 1,000kg on Belarusian potash fertilizers that go outside the Eurasian Economic Union. “A decision is pending to keep VAT on the goods imported from outside the Customs Union in 2015. We have decided on the move as it will bring additional Br2 trillion for the national budget,” the PM said.
The government suggests using the Belarusian economy development scenario that envisages the annual price for oil at $50 per barrel, with the Russian ruble exchange rate at RUB62 per $1, as the basic scenario for 2015.
Two components — the oil price and the exchange rate of the Russian ruble — were taken into consideration as the main factors for the sake of putting together the scenarios. These factors influence the profitability of the state budget, the performance of the Belarusian petrochemical industry, and the demand for Belarusian products on the Russian market.

Planned revenues of the state budget of Belarus are falling due to falling oil prices on the global market. The Russian economy is also slowing down and importing less, including Belarusian products. On the whole, Russian experts expect Russia to reduce import by roughly 30%. This is why the government has decided to rely on the scenario that expects the annual price for oil on the global market at $50 per barrel and the exchange rate of the Russian ruble at RUB62 per $1 as the basic scenario for implementing the economic policy, said the Prime Minister of Belarus.

“We got in touch with Russian colleagues in order to synchronize calculations, optimize the industrial policy and export,” Andrei Kobyakov went on saying. “Kazakhstan has adopted similar oil price projections. Thus, we speak the same language in the Eurasian Economic Union as far as the projections are concerned”.

This year's government action program envisages three scenarios for the development of the Belarusian economy. The first scenario expects the annual average price for oil to be $60 per barrel in 2015, with the exchange rate of the Russian ruble at RUB60 per $1. The second scenario relies on calculations of the Russian Federation's basic scenario and expects the annual average price for oil at $50 per barrel, with the exchange rate of the Russian ruble at RUB61.5 per $1. The third scenario expects oil to cost $40 per barrel, with the annual average exchange rate of the Russian ruble at RUB80 per $1. Responses and economy balancing measures have been worked out for each scenario.
Belarus government might soften the economic policy in the second half of 2015, Belarusian Prime Minister Andrei Kobyakov said.

"The current socio-economic development plan which will be used as the core document is quite tough," the Prime Minister noted. “If the situation is more favorable, and there are certain grounds, we will soften the economy policy in the second half of 2015 and will resume some budget-financed programs," said the Prime Minister.

The head of government explained that the restrictions in budgetary policies are designed to ensure the payment of the country's debt obligations. For example, the public debt payments will reach $4 billion in 2015. "The violation of the debt obligations is unacceptable," said Andrei Kobyakov.

To meet this challenge, he said, there are three components: increasing export of goods and services, debt refinancing and reducing costs. The government is working on all three fronts, the Prime Minister noted.

Andrei Kobyakov said: "The socio-economic development forecast and the budget approved for 2015 are the main economic instruments of the country. At the time when they were adopted the figures and estimates set out in the budget were considered the most likely. Now this may be less likely but no better or worse than other documents.”

“We do not need to act hastily following the changes in the market trends. The projections envisaged in the documents approved for the current year should be considered as the objectives. To prevent errors in the economic policy, we have developed alternative scenarios which are specified in the program,” added the Prime Minister. “The program is not a plan for manual control of the House of Government, "he said. “The main thing is not about reports and figures but the result, quality and efficiency,” said Andrei Kobyakov.

Belarus and Russia have developed a plan to strengthen trade and economic cooperation, Belarusian Premier Andrei Kobyakov said.

“We have developed a plan to strengthen trade and economic cooperation with the government of Russia. The document envisages the removal of restrictions on the access to the markets of the two countries. The plan also defines a mechanism of cooperation in the single industrial policy and the financial sector,” Andrei Kobyakov said. In his words, in early March these proposals will be submitted for consideration of the Supreme State Council of the Union State.