It’s interesting to know …

• Belarus maintains active relations with international financial organisations. The Republic became a member of the World Bank in 1992. The Bank continues to support Belarus in enhancing the competitiveness of its economy to assure rising incomes and protecting the welfare of the weakest, and addressing global environment, and energy challenges. 2002 saw the approval of a new cooperation strategy between Belarus and the World Bank for the financial years 2002-2004. An energy conservation program in the social sphere was successfully implemented as part of that strategy.

• In 1992 the country also became a member of the International Bank for Reconstruction and Development, the International Monetary Fund, and the European Bank for Reconstruction and Development. The International Monetary Fund’s Monitoring Program was put in place in 2001. The Republic has been working with the IMF since 2002 on the implementation of a project for the development of small and medium enterprises.

• Belarus is a member of the unified customs territory with Russia. For potential investors this means that an investment in Belarus offers access not only to the Belarusian market, but also to Belarus’ giant neighbour to the east.

• Belarus has established six Free Economic Zones with liberal tax and customs rules. Profit earned by Free Economic Zone residents through the sale of products of own manufacturing is exempted from taxation for a period of five years following its declaration. According to the specific law order a preferential taxation order exists in Free Economic Zones. It includes legislatively established common privileges for all the organizations of Belarus as well as additional privileges and preferences for FEZ residents.

• Belarus hosts the Foreign Investment Advisory Council, which is headed by the Prime Minister of Belarus. The Advisory Council helps to formulate and implement comprehensive measures aimed at attracting foreign investment and improving business conditions in the Republic, and helps to provide rapid solutions to problems faced by foreign investors in connection with their operations in Belarus.

• The Republic of Belarus is a member of the Eurasian Economic Community. Apart from Belarus and the Russian Federation, the members of this union are the Republic of Kazakhstan, the Republic of Kyrgyzstan and the Republic of Tadjikistan. The creation of a single economic zone on the basis of this union is the major objective of the Republic’s foreign economic policy. This goal is declared by the Treaty on the Tariff Union and Single Economic Zone concluded on 26 February 1999 in Moscow.

Task V. Fill in the derivatives of the words given in the chart below:

Noun	Verb	Adjective
Economy
	compete
extraction / extractor
		productive
	export
supply / supplier
		constructive / constructional
	distribute
		employable
industry / industrialization / industrialist

Task VI. Match the words in the left column with their definitions in the right column:

1. Gross Domestic Product	A. active redirecting of resources from being consumed today so that they may create benefits in the future
2. inflation	B. the way total output or income is distributed among individuals or among the factors of production (labour, land, and capital)
3. economics	C. the monetary value of all the goods and services produced by an economy over a specified period. It includes consumption, government purchases, investments, and exports minus imports
4. economy	D. to ship (commodities) to other countries or places for sale, exchange, etc.
5. economic	E. an act or means of thrifty saving; the management of the resources of a community, country, etc., especially with a view to its productivity
6. economical	F. a persistent, substantial rise in the general level of prices related to an increase in the volume of money and resulting in the loss of value of currency
7. to import	G. to bring in (merchandise, commodities, workers, etc.) from a foreign country for use, sale, processing, re-export, or services
8. to export	H. avoiding waste or extravagance; thrifty
9. investment	I. pertaining to the production, distribution, and use of income, wealth, and commodities; pertaining to an economy, or system of organisation or operation, especially of the process of production
10. distribution	J. the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind

Task VII. Look through the text and find the equivalents or synonyms of the following words and word combinations. Say in what connection they are mentioned in the text.

1. to manufacture (3)

2. employees (1)

3. to displace (1)

4. sector (1)

5. to meet the needs (2)

6. profitable (1)

7. farming (1)

8. to moderate (1)

9. to have and control fully (1)

10. common, reciprocal (1)

Task VIII. Read the text again and decide whether these statements about the economy of your country are True or False. Make the false expressions sound true:

1. The economy of Belarus has the contribution of approximately 10 million people.

2. Automobile production is the largest branch of the national mechanical engineering industry, which supplies a quarter of the mechanical engineering output.

3. The Republic has large reserves of petroleum and natural gas.

4. Agriculture is the flagship of Belarus’ economic growth, supplying almost a third of the GDP.

5. Agricultural companies, farms and household plots specialize in production of agricultural goods.

6. Farming industry is the leading subsector of the Belarusian agribusiness.

7. 10% of arable land in Belarus is constituted by acid soil which needs constant improvement.

8. Service sector of the Belarusian economy remains underdeveloped.

9. A great amount of goods produced by Belarusian industries and agriculture is oriented towards the EU countries’ markets.

10. The major import items in Belarus are mineral products.

Task IX. Provide questions to which the following statements would be the right answers:

1. In 1991.

2. Minsk Automobile Plant (MAZ trademark) and Belarusian Autoworks.

3. A wide range of sophisticated consumer goods such as TV sets, refrigerators, washing machines, and others.

4. Construction materials and articles.

5. The sewing industry.

6. Over 2,000.

7. Cattle breeding, plant growing.

8. Barley, rye, oats, potatoes.

9. A fairly developed network of automobile, rail, air and pipe communications.

10. Mineral, products, petrochemicals, textiles and textile goods, wood and wood products.

Task X. Check your understanding of specific detail by giving the best continuation to these statements:

1. The economy of the Republic achieves the desirable level of satisfying its needs through …

2. … serve as a pillar of the Belarusian economy.

3. The Government provides a sizable support to industrial enterprises in order to …

4. The national tractor and agricultural machinery engineering can virtually fully …

5. The industrial potential of sophisticated mechanical engineering industries is represented by …

6. The Druzhba oil pipeline is …

7. … started working for a Belarusian-Venezuelian prospecting seismology joint venture SeismoVenBel.

8. Belarus is one of the seven world leading …

9. … are favourable for sugar beet cultivation.

10. … generated 42-43% of the total GDP in the year of 2008.

Task XI. Re-read the text, paying more attention to the detail so as to answer the following questions:

1. Is Belarus one of economically developed countries of the CIS? What factors make it possible?

2. What is the structure of the Belarusian economy?

3. What is a major branch of national economy? Say what you know about its contribution to GDP.

4. What does Belarus manufacture?

5. Why is Belarus reliant on oil and gas supplies from Russia?

6. What subsectors does the Belarusian agribusiness include?

7. What factors make farming difficult in the country?

8. What are the country’s principle exports?

9. What does Belarus import?

10. What are the main trade partners of the Republic of Belarus?

Task XII. Check how well you know the economy of your country by choosing the correct variant from the alternatives below:

1. The … of Belarus is traditionally driving the country’s economic growth.

   1. service sector b. agriculture c. industry d. foreign trade

2. What is the most highly developed sector of the economy of Belarus?

   1. service industry c. petrochemical industry

   2. light industry d. heavy industry

3. Which branch stands second in terms of output in the structure of Belarusian agricultural industry?

   1. food processing b. wood processing c. processing d. agrarian

4. The … accounts for the largest share (32.5%) in the Belarusian machine-building complex.

   1. instrument-making c. agricultural machine-building

   2. optomechanical industry d. motor industry

5. What Belarusian industry features a strong infrastructure and solid growth of freight traffic?

   1. machine-building b. petrochemical c. transport d. heavy

6. The main component of the agribusiness sector is the … industry.

   1. processing c. petrochemical

   2. farming d. agricultural machine-building

7. When did private farms begin to appear in Belarus?

   1. in 1992 b. in 1993 c. in 1994 d. in 1995

8. Belarusian agriculture is moving in the direction of creating …

   1. agricities b. agrivillages c. agritowns d. all of the above

9. The Belarusian … industry is export-oriented in terms of numerous types of goods: fibreboards, furniture and plywood, sawn timber, wallpaper, matches, etc.

   1. lumber industry c. instrument making

   2. processing d. construction

10. The share of this city in the total export volume of the Republic of Belarus makes up about 30%.

    1. Gomel b. Mogilev c. Grodno d. Minsk

11. 30% of this region’s land area is covered with forests, coniferous forests mainly. South-east of the region is especially woody, more than 50% in certain areas.

    1. Mogilev b. Minsk c. Brest d. Grodno

12. What regions in Belarus are the most affected by the Chernobyl nuclear disaster?

    1. Gomel and Mogilev c. Gomel and Grodno

    2. Brest and Grodno d. Vitebsk and Grodno

13. This town’s core manufacturer is the production association “Belaruskaliy”, which specializes in potash fertilizers production.

    1. Zhodzino b. Soligorsk c. Molodechno d. Dzerzhinsk

14. This town is home to one of the largest oil refineries in Belarus, pumping out 18 million metric tons per year.

    1. Mozyr b. Polotsk c. Gomel d. Zhodzino

15. The Belarusian tyre works is located in this Belarusian industrial city.

    1. Novopolotsk b. Bobruysk c. Baranovichi d. Fanipol

16. Mogilevchimvolokno Public Joint Stock Company and Belshina Public Joint Stock Company, the two largest chemical enterprises, make more than … of the total production output of Mogilev region.

    1. 50 % b. 70 % c. 10 % d. 25%

17. In Belarus, … resources are one of the main natural wealth.

    1. forest b. coal c. potash d. slate

18. What is country’s most valuable mineral resource, which is used for fuel and fertilizer and in the chemical industry?

    1. phosphorite b. peat c. potassium salt d. coal

19. What are the country’s principle crops?

    1. wheat and barley c. cattle and hogs

    2. potatoes, grains, flax, fruits, vegetables d. fruits and vegetables

20. The fuel and energy industry of Belarus includes … systems for all types of power.

    1. mining and transportation c. production

    2. storage d. all of the above

21. Nearly … of energy resources used in the economy are imported.

    1. 30 % b. 50 % c. 70 % d. 85 %

22. Currently, the industrial potential of the Belarusian energy system consists of … thermal power stations, a number of smaller power stations and hydropower stations.

    1. 15 b. 20 c. 34 d. 56

23. When were market oriented reforms initiated in Belarus?

    1. 1992 b. 1995 c. 1990 d. 1993

24. When was the currency of Belarus, the Belarusian ruble, first introduced?

    1. May, 1992 b. May, 2000 c. May, 1993 d. May, 1995

25. When did the Belarusian ruble become the official currency of the country?

    1. 1993 b. 1994 c. 1995 d. 2000

26. What is the largest media holding group in Belarus?

    1. privately-owned National Teleradiocompany

    2. state-owned National State Teleradiocompany

    3. Belarusian Broadcasting Company

    4. National TV and Radio Company

27. Belarusian export is mainly oriented towards …

    1. Western Europe c. Russia

    2. the USA d. the CIS countries’ markets

28. Belarus and … adopted a plan of joint measures to tackle the impacts of the crisis, keep the bilateral trade going and improve environment for businesses.

    1. Ukraine b. Poland c. Russia d. the EU

29. Belarus hosts the Foreign Investment Advisory Council, which is headed by … of Belarus.

    1. the Prime Minister

    2. the President

    3. the heads of major international organizations operating in the country

    4. the Parliament

30. Belarus is a member of …

    1. the International Monetary Fund

    2. the International Bank for Reconstruction and Development

    3. the World Bank

    4. all of the above

Task XIII. Translate these sentences into English using the vocabulary of the text:

1. Минск – не только столица, но и крупнейший промышленный центр Беларуси. Здесь выпускается четверть всей промышленной продукции страны.

2. Ведущими отраслями обрабатывающей промышленности являются сельскохозяйственное машиностроение (трактора, самосвалы, комбайны), станкостроение, военно-промышленный комплекс, нефтехимическая промышленность и производство строительных материалов.

3. Калийные соединения, добываемые в шахтах близ Солигорска, обеспечивают крупномасштабное производство химических удобрений. В больших количествах имеются бурый уголь и торф.

4. Беларусь — крупный экспортер грузовых автомобилей (МАЗ, БелАЗ), тракторов (Беларус), дорожно-строительной и коммунальной техники (Амкодор), телевизоров (Горизонт, Витязь), холодильников (Атлант), химических волокон и нитей (Полимир), калийных удобрений (Беларуськалий), продукции текстильной и легкой промышленности.

5. Страна располагает двумя нефтеперерабатывающими заводами, построенными в советские времена, Мозырским и Новополоцким.

6. Освоение производства новых конкурентоспособных товаров, снижение издержек, повышение качества выпускаемой продукции, освоение новых рынков сбыта – приоритетные задачи государства.

7. Главные сельскохозяйственные районы расположены в центре республики и на юго-восточной равнине, но радиоактивное загрязнение в результате Чернобыльской аварии на 40-50% уменьшило площади возделываемых земель и поголовье домашнего скота в этих районах.

8. Предприятия лесной промышленности размещены преимущественно на севере и юго-западе.

9. Железные дороги и автомобильный транспорт – главные виды транспортного сообщения в стране.

10. Ценные бумаги – термин, охватывающий широкий диапазон финансовых активов. В Республике Беларусь к их числу относятся государственные ценные бумаги, векселя, акции и облигации акционерных обществ и компаний.

C. Follow-up Activities

Task XIV. Share your opinions on the following:

1. In what way do the geographical position and physical features of the Republic of Belarus influence the development of the economy?

2. What factors have contributed to Belarus’ debut among the TOP-10 reformers according to the World Bank’s “Doing Business – 2009” report?

3. Comment on the Republic’s membership in different international financial organisations.

4. Think of the reasons why Belarus has the capacity to become a bridgehead for foreign investors seeking to conquer new and promising markets throughout the CIS.

5. Comment on the economic problems Belarus is currently facing.

D. Optional Reading