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Leu Marholin: IMF Rightly Does Not Trust Belarusian Authorities

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Leu Marholin: IMF Rightly Does Not Trust Belarusian Authorities
LEU MARHOLIN
PHOTO: UCPB.ORG

The International Monetary Fund doubts the reliability of Belarusian enterprises’ financial statements.

The IMF believes that state organizations’ statistics do not fully reflect their financial condition and, therefore, recommends that the balance sheets of all state-owned enterprises were prepared according to international standards.

– The International Monetary Fund doubts rightly. First, the Belarusian reporting is very different from the standards of countries with market economies. There are international accounting standards, which are used here only by joint ventures and the banks, which borrow money in the world market. But even they do so in parallel with another report.

Second, the IMF has taken note of exceptions to our national standards, which are made very often. For example, if companies are allowed not to charge depreciation, the picture of production costs is distorted. The amount of profit increases, when in fact it does not, in fact all the key assets gradually wear out. And even then, when depreciation is not charged, – Leu Marholin said in his interview to Radio Racyja.

– Is it possible to “re-educate” state-owned enterprises?

– It is not about re-education. It is the IMF proposals, that are to make the situation in the economy transparent to donors, investors, and the owners of these key assets. Belarusian companies have to remove the veil of nontransparency. And then it is not certain whether the government continues to assist them. After all, there still exists such a point that, when some exceptions from general rules are made, the governing bodies do not see the real situation themselves.

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