{
  "title": "The Republic of Belarus: First Post-Program Monitoring Discussions",
  "publication": "IMF Staff Country Reports, September 13, 2011",
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  "summary": "Belarus was experiencing an economic crisis after the expiration of a Stand-By Arrangement in March 2010. Its policies were loosened significantly, and consequently the account deficit increased and pressure on reserves intensified.",
  "publishDate": "2011-09-13",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Crisis context and macroeconomic developments",
      "content": "- Belarus was experiencing an economic crisis after the expiration of a Stand-By Arrangement in March 2010.\n- Policies were loosened significantly following the program's expiration.\n- Consequences noted:\n  - The account deficit increased.\n  - Pressure on reserves intensified."
    },
    {
      "heading": "Policy response and external support",
      "content": "- The authorities agreed with the Eurasian Economic Community’s Anti-Crisis Fund (ACF), which announced measures including:\n  - Tightening of macroeconomic policies.\n  - Structural reforms.\n- Financial support from the ACF was conditioned on implementation of the announced measures."
    },
    {
      "heading": "IMF Executive Directors' assessment and recommendations",
      "content": "- Executive Directors urged the authorities to restore external stability through further fiscal and monetary policy tightening.\n- Directors stressed that the financial support will require demonstrated commitment to strong policies and structural reforms."
    },
    {
      "heading": "Subjects, keywords, and thematic focus",
      "content": "- Subject: Banking, Credit, Currencies, Exchange rates, External debt, Foreign exchange, Money\n- Keywords: accounts payable, authority, Belarusian authorities, CR, Credit, Currencies, exchange rate, Exchange rates, executive board discussion, Global, government finance statistics, IMF staff estimate, investment fund share, ISCR, policy\n\n---\n\n Content in this bundle\n\n- cr11277\n  - cr11277 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr11277 (PDF){rel=\"external\" type=\"application/pdf\"}\n- cr11277r - Section 1\n  - cr11277r - Section 1 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr11277r - Section 1 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/the-republic-of-belarus-first-post-program-monitoring-discussions-25227"
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    "Published: September 13, 2011",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781463903008.002",
    "Belarus was experiencing an economic crisis after the expiration of a Stand-By Arrangement in March 2010.",
    "Policies were loosened significantly following the program's expiration.",
    "Consequences noted:",
    "The authorities agreed with the Eurasian Economic Community’s Anti-Crisis Fund (ACF), which announced measures including:",
    "Financial support from the ACF was conditioned on implementation of the announced measures.",
    "Executive Directors urged the authorities to restore external stability through further fiscal and monetary policy tightening.",
    "Directors stressed that the financial support will require demonstrated commitment to strong policies and structural reforms.",
    "Subject: Banking, Credit, Currencies, Exchange rates, External debt, Foreign exchange, Money",
    "Keywords: accounts payable, authority, Belarusian authorities, CR, Credit, Currencies, exchange rate, Exchange rates, executive board discussion, Global, government finance statistics, IMF staff estimate, investment fund share, ISCR, policy",
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