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

August 19, 2009

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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, (USA: International Monetary Fund, 2009) accessed November 22, 2024

Also available in: русский

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.

Subject: Banking, Credit, Debt service, Exchange rates, External debt, Foreign exchange, Money

Keywords: Belarus, CR, Credit, Debt service, Disbursement of SDR, End-June floor, End-June performance criteria, Exchange rates, Global, IMF financial support, IMF staff estimate, Increases interest rates, ISCR, Liquidity support, Peak fund credit, Support

Publication Details

Pages:

68
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2009/260
Stock No:

1BLREA2009003
ISBN:

9781451805314
ISSN:

1934-7685

Notes

Full text also available in Russian.

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