Republic of Belarus: Ex Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement
May 6, 2011
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Belarus was hard hit by the global economic crisis. An exceptional access Stand-By Arrangement (SBA) was, therefore, agreed in early 2009. The program was generally successful and most program conditions were met. The program was overall well designed, but with some shortcomings. While in part owing to external shocks, those problems experienced under the program also reflected rapid directed lending. Lessons from the review are many, the main one is the criticality of incorporating fully ownership, including at the highest levels, in program design and conditionality.
Subject: Balance of payments, Banking, Credit, Currencies, Current account deficits, Exchange rate arrangements, External debt, Foreign exchange, Money
Keywords: Belarusian authorities, channeling government deposit, CR, Credit, Currencies, current account, Current account deficits, Exchange rate arrangements, fiscal policy, Global, government program, ISCR, program loan, state intervention, terms of trade
Pages:
37
Volume:
2011
DOI:
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Issue:
099
Series:
Country Report No. 2011/099
Stock No:
1BLREA2011003
ISBN:
9781455279586
ISSN:
1934-7685
