International Monetary Fund
The Republic of Belarus has been a member of the IMF since 1992.
Belarus and the IMF cooperate in three main domains:
- cooperation with Belarus’ government and National Bank as part of annual monitoring and drafting of economic policy programs;
- provision of loans, if necessary;
- technical expert assistance.
Since 1992, the IMF has provided the Republic of Belarus with financial support worth $3.8 billion:
- $200 million in 1993-1995 (through the Systemic Transformation Facility);
- $73.5 million in 1995 (Stand-By Arrangement);
- $3.52 billion in 2009-2010 (Stand-By Arrangement).
Currently Belarus is not implementing financial programs with the IMF. The country has honored all its financial oblations to the IMF in full and on time. Today Belarus and the IMF cooperate mainly via technical and advisory assistance programs and as part of the annual monitoring.
Belarus has received significant technical assistance from the IMF to improve the economic policy in many areas, to increase efficiency of monetary and fiscal policies, to enhance banking supervision, to shore up financial stability and so on.
Belarus and the IMF are currently cooperating as part of technical assistance programs. The Bank has recently provided recommendations to the country’s National Bank on ways to strengthen the monetary policy forecasting and analysis system (FPAS) and to better integrate the core quarterly projection model (QPM) into the decision-making process, to enhance the information policy and improve the regulation of the banking sector.
The IMF is assisting the Ministry of Finance to improve the analysis of fiscal risks, model for value-added tax revenue estimation and micromodels for income tax. The National Statistical Committee receives assistance with the preparation of financial accounts and sectoral financial balances in the context of integrating the financial account into the system of national accounts.
IMF Governor for the Republic of Belarus is Pavel Kallaur, the Chairman of the Board of the National Bank of the Republic of Belarus.
IMF Deputy Governor for the Republic of Belarus is Maksim Yermolovich, the Minister of Finance of the Republic of Belarus.