English

IMF Executive Board to review Belarus' post-program performance on December 14

The Executive Board of the International Monetary Fund (IMF) will consider a staff report for the Third Post-Program Monitoring Discussion with Belarus in Washington on December 14.

The results of the review are expected to be made public.

An IMF mission, led by David Hofman, stayed in Minsk in October to hold the post-program monitoring discussions with the Belarusian authorities as part of the third review of the country’s stand-by arrangement (SBA) that expired in April 2010.

While concluding his visit, Mr. Hofman said that negotiations on a possible new stand-by loan arrangement for Belarus would require agreement among all policy makers and a commitment to deep structural reform.

Key structural reforms include price liberalization, strengthening of private property rights, development of a strategy for state-owned enterprise restructuring and privatization, establishment of targeted social and unemployment benefits to protect the most vulnerable people, Mr. Hofman said.

He warned that the loosening of the Belarusian government's monetary policy had resulted in renewed signs of price and exchange rate pressures.

The IMF expert also warned that the Belarusian government's GDP growth targets cannot be attained without jeopardizing macroeconomic stability. //BelaPAN