Stanislav Bogdankevich: Economic Policy Must Change :: Charter'97 :: News

“We have to fight for the minds of people and exert pressure on the authorities through meetings and demonstrations. I, as a professional economist, definitely support the People’s March “For Better Life!”, scheduled for March 12. In my opinion, turning the political parties towards social-economic slogans is a very promising position, which can found solidarity in the masses,” – said in an interview to Charter’s press-center the former chief of the Belarusian National Bank Stanislav Bogdankevich.

- What are the perspectives of economic development in the country?

- In our country, ruled by harsh authoritarian regime, they pursue a special model of economic development. The growth in production under this model leads to the demolition of economic potential, impoverishment and loss of the national riches. Around 40% of companies totally lost their turnover capital. The main assets – such as machinery and equipment - are exhausted, while the companies are shattered by the lack of finances.

Today over a half of companies in the country can be referred to us unprofitable, for one should bear in mind the inflation level. Our enterprises manufacture goods, operating at a loss. They can no longer hope to get money to pay off salaries to the workers. Most salaries in industry are being paid at the expense of governmental and bank credits, which has never happened even during the Soviet rule. Moreover, the very GDP rise is absolutely artificial.

-- Can the authorities embark on economic liberalization and implementation of real reforms in the sphere?

- No, they are incapable to do that. Best national economists and scholars have already elaborated the program of reforms, as well as economic and financial rehabilitation. In order to fulfill it we need professional forces and realize that the current model is false and the whole economic policy must be altered, which also requires replacement of those in power.

- Under such circumstances, how should intelligentsia, opposition and middle class act?

- We have to fight for the minds of people and exert pressure on the authorities through meetings and demonstrations. I, as a professional economist, definitely support the People’s March “For Better Life!”, scheduled for March 12. In my opinion, turning the political parties towards social-economic slogans is a very promising position, which can found solidarity in the masses.