{
  "title": "Republic of Belarus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Belarus",
  "publication": "IMF Staff Country Reports, January 17, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/01/18/republic-of-belarus-2018-article-iv-consultation-press-release-staff-report-and-statement-by-46526",
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  "summary": "The Belarusian economy is in a cyclical recovery, inflation is at historically low levels and the exchange rate has been broadly stable.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- The Belarusian economy is in a cyclical recovery.\n- Inflation is at historically low levels.\n- The exchange rate has been broadly stable.\n- Macroeconomic policy frameworks have improved, but deep seated vulnerabilities remain."
    },
    {
      "heading": "Key vulnerabilities and risks",
      "content": "- Rapidly rising public debt.\n- High dollarization.\n- Limited trade and financing diversification.\n- Elevated risks from potential loss of significant oil-related discounts and transfers due to internal tax changes in Russia.\n- Authorities are confident of a successful outcome to ongoing negotiations with Russia."
    },
    {
      "heading": "Structural challenges and priorities",
      "content": "- Reforms of the large state-owned enterprise sector are critical to:\n  - Tackle inefficiencies.\n  - Increase potential growth."
    },
    {
      "heading": "Policy implications and recommendations (implicit in staff assessment)",
      "content": "- Continue strengthening macroeconomic policy frameworks to consolidate recent improvements.\n- Reduce fiscal vulnerabilities associated with rapidly rising public debt.\n- Address high dollarization to strengthen monetary and financial stability.\n- Diversify trade and financing sources to reduce exposure to concentrated external risks.\n- Advance structural reforms in the state-owned enterprise sector to raise efficiency and potential growth.\n- Mitigate exposure to oil-related fiscal risks, including contingency planning for changes in external transfers and discounts."
    },
    {
      "heading": "Thematic coverage (subjects and keywords drawn from the publication)",
      "content": "- Subjects: Banking; Budget planning and preparation; Credit; Economic and financial statistics; Foreign exchange; Government finance statistics; Monetary base; Money; Public debt; Public financial management (PFM).\n- Keywords: action program; Belarusian authorities; Budget planning and preparation; CR; Credit; deficit; Eastern Europe; Europe; GDP; Global; government; Government finance statistics; ISCR; liberalization effort; net credit; private sector; regulation regime; Western Europe.\n\nRepublic of Belarus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Belarus\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: January 17, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484389003.002",
    "The Belarusian economy is in a cyclical recovery.",
    "Inflation is at historically low levels.",
    "The exchange rate has been broadly stable.",
    "Macroeconomic policy frameworks have improved, but deep seated vulnerabilities remain.",
    "Rapidly rising public debt.",
    "High dollarization.",
    "Limited trade and financing diversification.",
    "Elevated risks from potential loss of significant oil-related discounts and transfers due to internal tax changes in Russia.",
    "Authorities are confident of a successful outcome to ongoing negotiations with Russia.",
    "Reforms of the large state-owned enterprise sector are critical to:",
    "Continue strengthening macroeconomic policy frameworks to consolidate recent improvements.",
    "Reduce fiscal vulnerabilities associated with rapidly rising public debt.",
    "Address high dollarization to strengthen monetary and financial stability.",
    "Diversify trade and financing sources to reduce exposure to concentrated external risks.",
    "Advance structural reforms in the state-owned enterprise sector to raise efficiency and potential growth.",
    "Mitigate exposure to oil-related fiscal risks, including contingency planning for changes in external transfers and discounts.",
    "Subjects: Banking; Budget planning and preparation; Credit; Economic and financial statistics; Foreign exchange; Government finance statistics; Monetary base; Money; Public debt; Public financial management (PFM).",
    "Keywords: action program; Belarusian authorities; Budget planning and preparation; CR; Credit; deficit; Eastern Europe; Europe; GDP; Global; government; Government finance statistics; ISCR; liberalization effort; net credit; private sector; regulation regime; Western Europe.",
    "**Country Report**"
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