IMF calls on Belarus authorities to 'implement bold reform program'

The International Monetary Fund has urged the Belarusian authorities to "take adopt and be determined to implement a reform program." This is stated in the recommendations voiced by the executive board of directors of the IMF, following the March mission in our country.

It is noted that deep structural reforms are still of fundamental importance for improving the role of the market in the Belarusian economy, increasing productivity, competitiveness and sustainable growth. According to the IMF, the reform program should include price liberalization, measures to bring tariffs for public utilities and transport at the level of full cost recovery. Also, measures should be taken, aimed at phasing out binding targets for the companies, and the privatization of enterprises and the banking sector.

According to BelaPAN, experts recognized the low level of poverty and income inequality in our country. They believe that in order to protect the most vulnerable segments of the population, the authorities need to strengthen social safety nets, including unemployment insurance.

The IMF has signaled the official Minsk that the IMF support with resources will only be possible if at the highest level in Belarus there is "rigid adherence" to "deep structural reforms."

Director of the IMF called for the containment of wage increases in 2015. It was noted that this would help to limit the demand and consolidate the increasing competitiveness as a result of the depreciation of the Belarusian ruble.

Photo from the archive.