The International Monetary Fund (IMF) recognized some of the efforts taken by the Republic of Belarus in order to alleviate pressure from a depreciating exchange rate, the Belarus Press Service reported on Tuesday.
IMF executive directors appreciated efforts made by the government to ensure that the foreign exchange rate is able to retain stability despite turbulent external forces. The press service states that a resolution was passed in 2014 to help tie increases in wage to the amount of productivity. In the report from the IMF, they encouraged further means to raise income levels in measures and legislation.
The IMF reports states the Republic of Belarus remains vulnerable to economic shock from domestic, regional and international forces. Overall, a recession is expected, especially if Russia -- Belarus' top trading partner -- continues to see decreases in growth and trade activity.
Both the IMF and Belarusian officials addressed the potential of IMF-sponsored programs. The IMF states that, despite the benefits of such a program, the government would need to show commitment to structural reform packages and macroeconomic policies.
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