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Republic of Belarus: Staff Report for the 2014 Article IV Consultation

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  • International Monetary Fund

Abstract

KEY ISSUES Context: Attempts to boost activity with policy stimulus, in lieu of much-needed structural reform, have failed to raise growth and contributed to large external imbalances. Adverse developments in the region further cloud the outlook. High financing needs and low buffers leave Belarus highly dependent on external financial support. The risk of disorderly adjustment remains high. Challenges: Mitigating immediate risks and facilitating external adjustment through a sharp change in macroeconomic policies. Advancing the transition to a market-based economy to raise sustainable growth. Policy recommendations: • Halt wage increases and reduce subsidized lending to slow demand growth; • Reduce foreign exchange interventions and tighten monetary policy to facilitate external adjustment; • Enhance market orientation of the economy through a rapid phase-out of price controls and mandatory targets and by privatization of state-owned enterprises.

Suggested Citation

  • International Monetary Fund, 2014. "Republic of Belarus: Staff Report for the 2014 Article IV Consultation," IMF Staff Country Reports 2014/226, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2014/226
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=41782
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    Cited by:

    1. Verikios, George, 2015. "The Implications for Trade And FDI Flows From Liberalisation of China’s Capital Account," Conference papers 332655, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.

    More about this item

    Keywords

    ISCR; CR; GDP; VTB bridge loan; Q1; end May; VTB bank; price liberalization; rightsizing government support; emerging market country; Loans; Directed credit; Global; Central and Eastern Europe; Europe; Baltics; Eastern Europe;
    All these keywords.

    JEL classification:

    • Q1 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture

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