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 the Executive Board

International Monetary Fund

No 2009/260, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: 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 (search for similar items in EconPapers)
Pages: 68
Date: 2009-08-19
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