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Monday, August 21, 2017

IMF executives conclude consultations with Belarus

The International Monetary Fund said on Friday that the executive board concluded Article IV consultations with Belarus earlier this month.

The country's ecoomic growth has slowed as a result of the 2008-2011 financial crisis, reaching just 0.9 percent in 2013, a press release from the IMF said.

Belarus's external position meanwhile declined sharply last year, with the current account deficit at 10 percent of GDP, inflation in the double digits and a rapid appreciation in the real exchange rate.

The IMF said its outlook is for continued slow growth and external imbalances along with high risks on the downside. It projects GDP growth of 0.9 percent an inflation of around 16 percent in 2014.

IMF directors urged Belarusian authorities to adjust policy accordingly and to bolster structural reforms in order to promote higher and more sustainable economic growth. They also encouraged the state to reduce its role in the economy and to strengthen social safety networks.

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