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PRESS RELEASE
Washington,
D.C., March 5, 2008
Belarus
Abolishes Golden Share Rule
Belarus
has abolished the golden share rule.
Alexander Lukashenko, President of Belarus, signed relevant Decree No.144
on March 4, 2008.
The
decision aimed at the attracting of foreign direct investment in the economy
of Belarus, meeting of the 2008 economic targets, enhancing of the Belarus’
rating at the international level and protecting the rights of investors in
the securities market.
The
Decree comes into force on the day it is officially published.
The
abolition of the golden share rule is one more step among of the consistent
measures have been recently taken by the Government of Belarus in order to
improve a business climate in the country and to reform the legislation in
the field of investment.
The
golden share rule was repeatedly criticized by international financial
institutions
and called as the main obstacle for investments in the country. Now, this
obstacle does not exist.
Commenting
the Decree, Valery Fadeev, representative of the International Finance
Corporation (IFC) in Belarus, said reporters that the abolition of
the golden share rule will boost the
investment rating of Belarus.
According
to Valery Fadeev, every year the IFC analyses the business environment in
178 countries. The polls show that the special right of the government is a
big obstacle for the inflow of foreign investments. The last research shows
that Belarus significantly increased its rating by strengthening the
protection of the rights of investors and improving the conditions for
starting a business. However, it was the golden share rule that prevented
the country from taking higher positions in the rating,” Valery Fadeev said.
“We are pleased with the decision to abolish the rule and are sure that this
move will enhance the investment rating of Belarus and will promote the
inflow of foreign investors, Valery Fadeev concluded. |
