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Republic of Belarus; 2013 Article IV Consultation and Fourth Post-Program Monitoring Discussions


  • International Monetary Fund


The economic model of Belarus is increasingly untenable, resulting in poor policy outcomes. Strong and predictable macroeconomic policies are essential to promote stability. A further reduction in directed and subsidized lending operations is needed. The National Bank of the Republic of Belarus (NBRB) should tighten liquidity and stand ready to take further measures to ensure disinflation. Banking supervision has improved, but high foreign exchange lending growth poses risks. Strong structural reform remains critical to achieving higher sustainable growth. The Development Bank should be used to facilitate broader financial sector reform.

Suggested Citation

  • International Monetary Fund, 2013. "Republic of Belarus; 2013 Article IV Consultation and Fourth Post-Program Monitoring Discussions," IMF Staff Country Reports 13/159, International Monetary Fund.
  • Handle: RePEc:imf:imfscr:13/159

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