Republic of Belarus: Ex Post Evaluation of Exceptional Access Under the 2009 Stand-By Arrangement
Volume/Issue:
Volume 2011
Issue 099
Publication date: May 2011
ISBN: 9781455279586
$18.00
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| Russian |
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Topics covered in this book
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Business and Economics , Banks and Banking , Exports and Imports , Money and Monetary Policy , ISCR , CR , Belarusian authorities , terms of trade , fiscal policy , channeling government deposit , program loan , state intervention , current account , government program , Credit , Exchange rate arrangements , Current account deficits , Currencies , Global
Summary
Belarus was hard hit by the global economic crisis. An exceptional access Stand-By Arrangement (SBA) was, therefore, agreed in early 2009. The program was generally successful and most program conditions were met. The program was overall well designed, but with some shortcomings. While in part owing to external shocks, those problems experienced under the program also reflected rapid directed lending. Lessons from the review are many, the main one is the criticality of incorporating fully ownership, including at the highest levels, in program design and conditionality.
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