## The Republic of Belarus: First Post-Program Monitoring Discussions

_IMF Staff Country Reports, September 13, 2011_

## Source details

**Canonical URL:** [The Republic of Belarus: First Post-Program Monitoring Discussions](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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## Bibliographic details
- Published: September 13, 2011
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781463903008.002

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### Crisis context and macroeconomic developments
- 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 account deficit increased.
  - Pressure on reserves intensified.

### Policy response and external support
- The authorities agreed with the Eurasian Economic Community’s Anti-Crisis Fund (ACF), which announced measures including:
  - Tightening of macroeconomic policies.
  - Structural reforms.
- Financial support from the ACF was conditioned on implementation of the announced measures.

### IMF Executive Directors' assessment and recommendations
- 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.

### Subjects, keywords, and thematic focus
- 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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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/the-republic-of-belarus-first-post-program-monitoring-discussions-25227_