## Republic of Belarus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Belarus

_IMF Staff Country Reports, January 17, 2019_

## Source details

**Canonical URL:** [Republic of Belarus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Belarus](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)

## Other formats

- [Markdown version](/en/publications/cr/issues/2019/01/18/republic-of-belarus-2018-article-iv-consultation-press-release-staff-report-and-statement-by-46526/index.md)
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## Bibliographic details
- Published: January 17, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484389003.002

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### Overview
- 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.

### Key vulnerabilities and risks
- 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.

### Structural challenges and priorities
- Reforms of the large state-owned enterprise sector are critical to:
  - Tackle inefficiencies.
  - Increase potential growth.

### Policy implications and recommendations (implicit in staff assessment)
- 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.

### Thematic coverage (subjects and keywords drawn from the publication)
- 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.

*Republic of Belarus: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Republic of Belarus*

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## Content in this bundle

- **Country Report**
  - [Country Report (Markdown version)](/-/media/files/publications/cr/2019/cr1909.pdf.md){rel="alternate" type="text/markdown"}
  - [Country Report (PDF)](/-/media/files/publications/cr/2019/cr1909.pdf){rel="external" type="application/pdf"}

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_Source: 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_