OREANDA-NEWS. Belarus has changed over to target-oriented budget planning, with as much as Br40 trillion (USD 4.06bn) earmarked for government programmes, including Br24 trillion (USD 2.434bn) to be poured into agribusiness development, in accordance with resolution #264 adopted by the Cabinet of Ministers on March 26, 2014.

The government says the new approach to budget planning in tune with the best international practices.

Starting 2014 OAO Belarus Development Bank shall act a coordinator of all government programmes in the country. At the initial stage, the bank shall focus entirely on credit support for the agribusiness sector.

OAO Belarus Development Bank plans to issue bonds worth Br1 trillion (USD 101.42 million) and transfer the proceeds from bond placement to Belarusian banks that will provide credit support for agricultural projects. Hence, Belarus is launching a market mechanism for redistributing liquidity in the banking system in favour of large project in the real economy sector, the government said in a press-release.