Republic of Belarus: 2007 Article IV Consultation-Staff Report; Staff Supplement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Belarus

International Monetary Fund

No 2007/310, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2007 Article IV Consultation highlights that Belarus’s centralized economy grew rapidly over the past few years, enhancing social development. The state redistributed large and growing terms-of-trade gains stemming from favorable Russian energy pricing across the economy, boosting domestic demand. A new energy agreement, however, has abruptly reversed terms-of-trade gains. Belarus now pays Russia twice as much for gas supplies as in 2006 and a fifth more as a share of world market prices for crude oil. This resulted in an estimated loss of 5½ percent of GDP in 2007.

Keywords: ISCR; CR; inflation pressure; deficit; monetary policy guideline; staff appraisal; terms-of-trade gain; General government operation; Energy prices; Credit; Inflation; Eastern Europe; Global; Europe (search for similar items in EconPapers)
Pages: 63
Date: 2007-09-10
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