Republic of Belarus: First Review Under the Stand-By Arrangement, and Request for a Waiver of Performance Criterion, Augmentation of Access, and Modification of Performance Criteria: Staff Report; Staff Supplement; Staff Statement; Press Release on t

First Review Under the Stand-By Arrangement, and Request for a Waiver of Performance Criterion, Augmentation of Access, and Modification of Performance Criteria: Staff Report; Staff Supplement; Staff Statement; Press Release on the Executive Board

Author: International Monetary Fund

Volume/Issue: Volume 2009 Issue 260

Publication date: August 2009

ISBN: 9781451805314

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Topics covered in this book

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Banks and Banking , Exports and Imports , Money and Monetary Policy , Public Finance , ISCR , CR , liquidity support , IMF staff estimate , Belarus , support , peak fund credit , IMF financial support , end-June performance criteria , increases interest rates , disbursement of SDR , end-June floor , Exchange rates , Credit , Debt service , Global

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Summary

This paper discusses key findings of the First Review under the Stand-By Arrangement for the Republic of Belarus. All end-March 2009 quantitative and continuous performance criteria and structural benchmarks were met, except for the net international reserves target, which was missed by US$221 million. A sharp fall in demand for Belarus’s exports and a worsening of the capital account has led to the re-emergence of a substantial financing gap for 2009. The authorities have committed to adjust exchange rate and monetary policies, and to maintain a balanced budget despite lower revenue.