Privatization of enterprises controlled by the central government virtually ceased in 1996. Lack of structural reform, and a climate hostile to business, have inhibited foreign investment in Belarus in 1995-97. In 1995 Belarus ranked second to last among the 15 former Soviet republics in terms of the average amount of foreign investment it attracted per capita. Although it moved up to 11th place in 1996, this was largely due to inflows from Russia related to the construction of the Yamal natural gas pipeline. Given Belarus's limited fiscal reserve, a continued growth in the trade deficit will increase vulnerability to a balance of payments crisis.
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