By Denis Antonenko
Measures taken by the Belarusian authorities in the previous years have yielded positive results. According to the IMF, in recent months, the Government and the National Bank have managed to reduce inflation and cut the country’s negative trade balance. “After the Belarusian exchange rate was unified last October, people gained confidence in their access to foreign currency,” the IMF Head of Mission, Chris Jarvis, has noted. He explains that people’s trust in the Belarusian Rouble has been strengthened by the truly positive interest rates offered for Rouble deposits.
There is every reason to expect the country’s economy to be restored. IMF experts recommend continuing a tough monetary-credit policy, meeting the approved budget and plan of credits. Moreover, salary growth should be restrained. The IMF is ready to consider allocating additional finances to Belarus if certain conditions are met. “A complex and consequential package of measures is to be adopted, aimed at restoring stability; strict structural reforms are needed,” Mr. Jarvis emphasises.