Republic of Belarus: Staff Report for the 2006 Article IV Consultation

Author: International Monetary Fund

Volume/Issue: Volume 2006 Issue 314

Publication date: August 2006

ISBN: 9781451805246

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Topics covered in this book

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Business and Economics , Exports and Imports , Inflation , Economics- Macroeconomics , Money and Monetary Policy , Public Finance , ISCR , CR , procedure , policy , golden share rule , golden share , government , Belarus SME toolkit , utility cost recovery ratio , exchange policy , policy goal , innovation fund , CIS country , IMF staff estimate , Inflation , Energy prices , Currencies , terms-of-trade gain , increasing terms of trade gain

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Summary

Belarus’s economy has performed well owing to its strong macroeconomic policies, which facilitated rapid real income growth, near-full employment, and a reduction in poverty to the lowest level in the Commonwealth of Independent States (CIS). Executive Directors welcomed the disciplined monetary and fiscal policies. They commended the efforts to curb budgetary transfers and subsidies, reduce the tax burden, and strengthen the financial system. They appreciated the National Bank of the Republic of Belarus (NBRB) in strengthening the supervisory frameworks, and stressed the need for fiscal tightening and strengthening of its policies, reforms, and economic performance.