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Opinions & Interviews

30 Jun 2016

IMF praises measures taken in Belarus to stabilize macroeconomic situation

IMF praises measures taken in Belarus to stabilize macroeconomic situation

MINSK, 30 June (BelTA) – The International Monetary Fund (IMF) commends the Belarusian government for the measures it has taken to stabilize the macroeconomic situation, IMF Mission Chief for Belarus Peter Dohlman told reporters on 30 June, BelTA has learned.

Peter Dohlman pointed out that in late 2014 and throughout a considerable part of 2015, the financial markets in Belarus were highly volatile. “The rapid slump of the Belarusian ruble spurred inflation and further affected the already precarious financial standing of enterprises many of which were repaying foreign currency loans. The government took vigorous measures to stabilize the economic situation, and the measures deserve praise,” Peter Dohlman said.

He believes that the reasonably stringent monetary and fiscal policies of the government helped stabilize the exchange rate and reduce inflation.

Besides, in 2015-2016 the Belarusian government started conducting assessment and diagnostic studies and reforms which the IMF deems to be very important. The quality of assets of nine major banks is being evaluated, and work is underway to determine the standing of the largest enterprises. The current reform of the Belarusian pension system is also very important, Peter Dohlman believes.

“Still, we think that the reforms should be deepened and speeded up. The reforms are needed to eliminate the emerging vulnerability factors and improve the prospects for economic growth, create jobs and increase incomes,” Peter Dohlman said.

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