IMF encourages Belarus to carry out economic reforms

MINSK, Dec. 19 (Xinhua) -- The International Monetary Fund (IMF) urged the Belarusian authorities to take advantage of the economic recovery for carrying out in-depth and accelerated reforms in the real sector.

In the third quarter of 2017, Belarus' economy grew by 1.7 percent compared to the same period of the previous year due to the growth in household consumption as a result of high wage growth and increased investment, the IMF said in its press release on Tuesday.

Following consultations with Belarus, the IMF welcomes the improvement in macroeconomic and financial policies over the past two and a half years that have been able to support economic recovery along with an improvement in external conditions.

Meanwhile, the IMF underlined that "further efforts, including the removal of structural shortcomings" in the Belarusian economy, are necessary.

The IMF noted the critical importance of the reform of the state-owned enterprises sector in order to achieve these goals.

The IMF said that the fiscal consolidation should be continued in the medium term ensuring the sustainability of public debt.

The IMF experts also urged the authorities to maintain a flexible exchange rate and at the same time to find opportunities to restore international reserves. Enditem