This paper focuses on Fifth Post-Program Monitoring Discussions with Republic of Belarus. Growth in Belarus has remained slow despite high increases in wages and directed lending. To promote growth, the authorities loosened macroeconomic policies in the first half of the year but then held—and partially reversed—these efforts to contain exchange rate pressures that resurfaced in the summer. Decisive structural reform remains essential to raise potential growth and promote stability beyond the short term. In this context, the authorities’ ongoing engagement with the World Trade Organization, with a view to future accession, is welcome.