Łukašenka’s aide admits problem launching new investment cycle amid sanctions

November 18, BPN. Western sanctions have given rise to “certain problems for the launch of a new investment cycle designed to sustain economic growth,” said Valeryj Bielski, Alaksandr Łukašenka’s aide for monetary policy.

In one example, the official noted that an Italian investor had pulled out of Hrodna Azot, a nitrogen fertilizer plant, because of sanctions.

Belarusian authorities plan to implement $20 billion worth of investment projects with a regional focus in the coming years, Bielski said. “This decision has been taken and it will be finalized,” he noted, adding that authorities might use command methods to ensure their implementation.

He said he was confident of Minsk’s resilience to possible future sanctions, stressing that international pressure prompted government agencies to overcome disagreements about the macroeconomic policy.