The Belarusian economy is recovering after two years of recession, helped by a
more favorable external environment, better policies, and stronger domestic demand
conditions. Near-term external financing pressures have eased following energy and
financing agreements with Russia and a Eurobond issuance. Although key macroeconomic
and financial policy frameworks have improved somewhat, much work lies ahead to support
the authorities’ ambitious economic objectives through 2020 without increasing imbalances,
and to reduce vulnerabilities. External and public debt are high, medium-term financing
needs are significant, and corporate and bank balance sheets are weak. Key structural
reforms in the real sector are proceeding at a gradual pace amidst a desire to preserve the
state’s strong role in the economy and support of the existing social system.
Policy recommendations.
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