According to a growing number of pro-Kremlin commentators, the spectre haunting Belarus is the threat of “Belarusization,” meaning the promotion of the Belarusian language, history, and culture.

Total income rose by 2 percent year-on-year to 172.7 billion hryvnias, while expenses declined by 7 percent to 127.1 billion hryvnias as of September 1.

For Lukashenko, there was nothing contrived about the commemoration -- he told a vast sports arena of supporters that historical memory underpinned the nation.

Goldman Sachs, J.P. Morgan and BofA Securities are the lead underwriters for the IPO.