Lukashenko Questions Financial Support Proposal for Svetlogorsk Pulp and Cardboard Mill

President Aleksandr Lukashenko held a meeting with the leadership of the Council of Ministers to discuss a draft resolution concerning the allocation of funds from the state targeted budget fund for national development to the Svetlogorsk Pulp and Cardboard Mill in 2026.

According to the government proposal, the enterprise would be allowed to return funds it transferred this year to the national development fund in order to repay outstanding loan obligations. Officials from the Council of Ministers and the State Control Committee stated that the repayment amount had been calculated based on “paper profits” created by favorable exchange rate differences rather than actual operating income.

Lukashenko questioned why the mill was unable to meet its obligations independently and called for a detailed review of the situation.

“In reality, there is no real money,” Lukashenko said during the meeting, addressing Deputy Prime Minister Viktor Karankevich. He asked for an explanation as to why the enterprise could not fulfill its obligations without state intervention and whether management shortcomings were involved.

The Belarusian leader also criticized the proposed mechanism for providing support, noting that the State Control Committee believes the government already has sufficient authority to make the decision without presidential involvement.

“According to the State Control Committee, the Government has sufficient authority to make this decision. So why did you come to me?” Lukashenko said.

The meeting focused on the financial position and operational management of the Svetlogorsk Pulp and Cardboard Mill as the government considers additional support measures for the enterprise.