Franklin

Republic of Belarus [electronic resource] : Fifth Post-Program Monitoring Discussions, International Monetary Fund. European Dept.

Author/Creator:
International Monetary Fund. European Dept.
Publication:
Washington, D.C. : International Monetary Fund, 2014.
Format/Description:
Government document
Book
1 online resource (63 p.)
Series:
IMF eLibrary
IMF Staff Country Reports; Country Report No. 14/18.
IMF Staff Country Reports; Country Report No. 14/18.
Status/Location:
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Local subjects:
Banking sector. (search)
Debt sustainability analysis. (search)
Economic indicators. (search)
Fiscal policy. (search)
Fiscal reforms. (search)
Monetary policy. (search)
Post-program monitoring. (search)
Press releases. (search)
Staff Reports. (search)
Wage increases. (search)
Belarus. (search)
Summary:
KEY ISSUES Context: The current account is worsening, coinciding with peak debt service, limited market access, and low reserves. Although the authorities have taken ad hoc measures to curb acute exchange rate pressures during the summer, a stronger policy response is urgently needed to reduce external imbalances and mitigate risks. Challenges: Facilitating external adjustment through a consistent set of policies is the key short-term priority. The medium-term challenge remains to increase efficiency and competitiveness through deep structural reform, with strong measures taken up front to enhance credibility. Policy recommendations: No further wage increases in 2013–14, to curb demand and regain competitiveness; Sharply reduce directed lending, to limit credit growth and contingent liabilities, and reduce external imbalances; Substantially scale back foreign exchange market intervention and tighten monetary policy to facilitate exchange rate and balance of payments adjustment; Adopt comprehensive and ambitious structural reforms to raise sustainable growth
Notes:
Description based on print version record.
Contributor:
International Monetary Fund. European Dept.
Other format:
Print Version:
ISBN:
1484382595:
9781484382592
ISSN:
1934-7685
Publisher Number:
10.5089/9781484382592.002
Access Restriction:
Restricted for use by site license.