The tentative forecasts of social and economic development, the budget, and the basic guidelines of monetary and credit policy of the Republic of Belarus for 2006 were the key issues discussed at the meeting presided by President of the Republic of Belarus on October 19. Preliminary results of the fulfillment of the planned indicators for 2005 and the current five-year period were also reported.

Not only the planned indicators for 2001-2005 have been reached with respect to major parameters, but they have “considerably surpassed” the expectations. Industrial output growth over five years will surge to 50 percent against 28-32 planned percent; basic capital investments will reach 77 percent against 60-70 percent stipulated by the programme; growth of real monetary incomes will amount to 76 percent as against 58-63 planned percent. In view of the Head of State, it proves that “we have applied the correct strategy of development, have been able to mobilize resources and organize people to fulfill the large-scale and very important tasks.”

The main distinctive feature and strategic priority of the next five-year period must be transition of the Belarusian economy toward an innovative way of development. “The scientific and technological potential must become a major factor in increasing economic efficiency and, on that basis, in improving the quality of life of the people,” underscored the Head of State.