Bloomberg News

IMF Supports Belarusian Government’s Plan to Stabilize Economy

November 09, 2011

Nov. 9 (Bloomberg) -- The International Monetary Fund approves of the Belarusian government’s plan to tighten its monetary and fiscal policy and boost exports in order to stabilize the country’s economy in 2012.

“Without doubt, the tasks which the government has set forth, and the measures it plans to implement in order to ensure macroeconomic stabilization, are welcome,” Natalia Koliadina, the IMF resident representative in the country, said in a phone interview from the capital of Minsk today.

The plan includes keeping 2012 inflation below 19 percent, balancing the budget and recording a trade surplus. In its stabilization plan, the Belarusian government suggested a “radical contraction of domestic demand” to contain inflation. It forecast gross domestic product to rise by 1 percent to 1.5 percent next year after an estimated 4.5 percent in 2011.

The stabilization plan will have to be officially approved by President Aleksandr Lukashenko in order to come into effect.

--Editors: Simone Meier, Andrew Langley

To contact the reporter on this story: Aliaksandr Kudrytski in Minsk, Belarus at akudrytski@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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