Experts from all over the country discussed in Polotsk how to improve the financial literacy of Belarusians

Representatives of four ministries and the National Academy of Sciences of Belarus, employees of leading banking institutions, tax services, insurance organizations, executive bodies, as well as university students and faculty participated in the republican seminar at Polotsk State University.

According to a sociological survey, only 16% of our compatriots consider themselves financially literate, and about a quarter of citizens state that financial instruments do not interest them in principle. The level of knowledge and skills of Belarusians in this vital area, alas, is low and significantly inferior to the analogous indicators of residents of European countries.

The relevance of the problem, as noted at the opening of the seminar by Valentina Bogatyreva, Head of the Department of Finance and Sectoral Economics of PSU, Doctor of Economic Sciences, became particularly evident in the context of the financial and economic crisis. The inability of the population to navigate current trends has intensified. Economic actors are not always prepared to solve problems related to the complexity of the financial system, the acceleration of globalization, and the emergence of a wide range of new financial products.

To improve the situation, the Council of Ministers of the republic adopted a special resolution and developed a plan for joint actions to improve the financial literacy of the population.

Polotsk State University has also joined the program as a responsible partner. Here, not only are specialists trained in financial and economic specialties, but also scientific research is conducted, and services are provided to representatives of the real sector of the economy for evaluating investment projects, supporting lending, and operational and strategic planning.

One of the latest developments was the compilation of the fourth business plan for OJSC "Naftan". The holding of a practice-oriented seminar, where issues of state importance were discussed, once again confirmed the growing authority of the financial and economic faculty of PSU.

Results will be demanded

The speech of Maxim Ermolovich, First Deputy Minister of Finance of Belarus, was dedicated to the budget policy at the current stage. He stated that in the near future, approaches to planning and forecasting all socio-economic processes in our country should be changed. In particular, the adoption of the law on indicative planning will completely revise the system of economic management. Managers will no longer be instructed on how much milk to milk or how many tractors to produce. We will move from directive targets to efficiency indicators that characterize the qualitative results of any organization's work. This will provide an opportunity to manage expenses more reasonably and accumulate resources for development.

Approaches to the formation and financing of state programs will also be improved. – People should understand, – explained Elena Prudnikova-Kirpichenok, Head of the Macroeconomic Policy Department of the Ministry of Economy of Belarus, – that a system is being created that will be transparent and understandable to everyone. We will see what goals our taxes, among others, are spent on, what we are investing our ruble in.

The list of 110 state programs is proposed to be streamlined to 23, divided into subprograms and arranged in a clear hierarchy. Each document will be linked to the socio-economic development tasks for the five-year period. Projects will need to be defended with arguments on a competitive basis. Stricter requirements will be introduced for performance evaluation indicators to see how effective a particular state support measure is. Monitoring will be carried out annually, and any citizen will be able to view the data from the consolidated report on the official website of the Ministry of Economy.

Taxes – Blessing or Curse?

Mikhail Rassolko, Head of the Main Directorate for Taxation of Individuals of the Ministry of Taxes and Duties of Belarus, explained at the meeting why it is necessary to increase the tax culture of society. The full collection of taxes makes it possible to find additional opportunities for increasing salaries, pensions, and benefits, attracting investments, and constructing housing, roads, and utilities.

According to the speaker, most Belarusians pay taxes honestly and conscientiously, and the state strives to improve the conditions for citizens to fulfill their obligations. Extensive informational work is being carried out. The issue of introducing elective classes in schools is being worked out. A collection titled "Children About Taxes" has been prepared. Significant reforms have been made to tax legislation.

If five years ago Belarus ranked 183rd in the World Bank's Doing Business ranking for taxation, today it has moved up to 63rd. Now, noted M. Rassolko, we have one of the shortest lists of taxes and low rates compared to most European countries. Advanced administration practices are constantly being implemented. For example, 270,000 business entities (more than 70%) are already connected to the electronic declaration system.

Larisa Malashenya, "Vitebskiye Vesti".