Financial management in Belarus develops according to the model of economic development oriented on social managing and market economy. Positive tendencies of development of this model substantially were defined by continuous and multilateral cooperation with Russia, deliveries of cheap raw material resources, unlimited credit resources. However, the latest events in the economy of Belarus have connected with restriction of cheap deliveries of hydro carbonic raw materials and credit limitation and as a result failures in policy of the budgetary income and investment policy, frequent inflationary splashes and devaluation processes. They caused in Belarus a serious monetary crisis in 2011. All this called into question ways, means and methods to realize the working model of economic development.
Main “illness” of belarusian economic model having essential impact on financial management is a wasteful conception of managing at which achievement of the best financial results of organizations and companies depends on the maximum involvement of material and financial resources into circulation.
Download full article Challenges in financial management of Belarus by Yuri Krivorotko, Head of Accounting, analysis and audit department, Doctor of economic sciences, professor Belarus Institute of Jurisprudence, NGO “Lev Sapieha Foundation” expert, Minsk, Belarus.