insk was hit by an economic crisis and many development projects were halted, resulting in high unemployment and underemployment. Since the late 1990s, there have been improvements in transport and infrastructure, and a housing boom has been underway since 2002. On the outskirts of Minsk, new mikroraions of residential development have been built. Metro lines have been extended, and the road system (including the Minsk BeltWay) has been improved. Owing to the small size of the private sector in Belarus, most development has so far been financed by the government. In January 2008, the city government announced several projects on its official web-site. Among them are the refurbishment of some streets and main avenues, the construction of more up-to-date hotels (one near the Palace of the Republic and another on the shore of Lake Komsomolkye), the demolition of the out-of-date Belarus hotel and the erection in the same premises of a complex consisting of sport facilities, swimming pool, 2 hotel towers and one business center building with the help of potential foreign investors and the construction of a modern aquatic park in the outskirts of the city. On 8 September 2007, the city of Minsk celebrated 940 years since its founding
