OREANDA-NEWS. March 24, 2010. The World Bank has expanded the scope of financial support for Belarus and hopes for a closer cooperation with our country, World Bank Vice President for Europe and Central Asia Philippe Le Houerou said as he met with Prime Minister of Belarus Sergei Sidorsky.

“We have expanded the scope of financial support for Belarus and hope to continue in the same way,” Philippe Le Houerou said.

“Partnerships are based on trust. Belarus and the World Bank have been partners for over ten years already. We are very happy about the results we have achieved and hope that in the forthcoming decade our cooperation will get even stronger,” the WB Vice President said.

Philippe Le Houerou hailed the breakthrough in the economic development of Belarus over the last decade. “The economic growth in Belarus resembles that of China, rather than that of Europe, you managed to considerably reduce the poverty level in the country,” he said. Talking about the cooperation experience between Belarus and the World Bank, Philippe Le Houerou said, “I see that our joint projects are really working in Belarus. This is a testimony to the efficient state administration, which, in turn, is essential for the advancement of the private sector.”

During his visit to Belarus, the World Bank Vice President would like to explore how Belarus managed to reach such a level of economic development. In his view, other countries might find Belarus’ experience very useful.

Another important area where Belarus has considerably advanced is raising energy-efficiency in the country. This is a burning issue for Europe and Central Asia. For instance, in Russia the energy conservation potential equals energy consumption in France. “Belarus is in the vanguard in this field. We are glad that we are on your side and support Belarus with the relevant energy-conservation program,” Philippe Le Houerou said.

He welcomed the adoption of the economic development strategy in Belarus. “We might be able to help you reach the goals you have set,” the World Bank Vice President added.

The World Bank experts, members of the government and ministries of Belarus will take part in the seminar in Minsk on 18 March. “At the seminar we will discuss ways to restore the high economic growth rate Belarus demonstrated in the last decade,” Philippe Le Houerou said.

All prerequisites are in place for Belarus to increase its GDP on a monthly basis, Belarusian Prime Minister Sergei Sidorsky said as he met with World Bank Vice President for Europe and Central Asia Philippe Le Houerou.

“The year 2010 provides the possibilities to accelerate the economic growth and make up for the drop in 2009,” Sergei Sidorsky said.

“We have adopted a program of economic development for 2010, and we are sure that if everything goes well in the countries who our main partners, we will be able to ensure a good growth rate. We believe that the system of measures adopted by the government will allow us to increase GDP on a monthly basis,” the Prime Minister said. In January-February 2010, the GDP growth in Belarus made up 3.5%.

“We survived the difficult 2009. The Belarusian economy is export-based, therefore we had to take considerable effort to develop the existing sales markets and explore new ones. We have managed to accomplish a lot. We have adopted a crisis management plan which covered all areas of economic development and includes the long-term prospects. The results of 2009 show that we have managed to do a lot though we do not have significant resources,” Sergei Sidorsky said. For example, the GDP growth made up 0.2%. Investments were also on the rise. All this happened due to the measures taken in Belarus to liberalize the economy and improve the business climate. According to the Prime Minister, Belarus received significant support from international organizations including the World Bank and the IMF. “We attach great importance to the cooperation with the World Bank especially in the issues of social and economic development of the country,” Sergei Sidorsky said. Consultations with the specialists of the bank are also very important for Belarus, he added.

During this visit of the WB experts to Belarus, the sides are set to sign a range of documents regarding the development of the housing and utilities industry. “This will be a good plus for the programs which are already in progress (energy efficiency, Chernobyl recovery and social programs).

Belarus joined the World Bank in 1992. Since then, the Bank’s lending commitments in Belarus totaled USD 643 million for 9 projects; about thirty national programs received grant financing totaling USD 18 million. Belarus is currently using World Bank financing in 4 infrastructure projects.

In accordance with the strategy, several projects are being executed in Belarus. These are social infrastructure retrofitting (USD 15 million), Post-Chernobyl Recovery (USD 50 million), Energy Efficiency (USD 125 million), Water Supply and Sanitation (USD 60 million). The preparation of a new loan project on solid waste management is nearing completion.

The revised World Bank-Belarus Cooperation Strategy for 2008-2011 was approved in the late 2009. The document provides for an increase of the WB annual financial support to Belarus from USD 100 million to USD 250 million in 2010-2011. The move will help intensify the joint work on the mutually beneficial projects.

In December 2009Belarus received a WB USD 200-million DPL loan.