Belarus to address macroeconomic imbalances

MINSK, 2 February (BelTA) - Belarus will be working to address macroeconomic imbalances, Prime Minister of Belarus Mikhail Myasnikovich said as he met with the head of the IMF mission in Belarus Chris Jarvis, BelTA has learnt. “We will address the macroeconomic imbalances including the current account deficit,” Mikhail Myasnikovich said. The Prime Minister said that the purpose of the meeting is to review the materials on economic development of Belarus prepared by the mission, and to discuss the areas of future cooperation with the IMF. “Belarus is satisfied with the cooperation with the IMF. We will maintain continuity and develop cooperation with the Fund,” said the Prime Minister. He also noted that Belarus appreciates the support the IMF has provided and its expert advice. According to the Prime Minister, there still remain a number of issues in the Belarusian economy that the IMF has repeatedly pointed out. These are the current account deficit and the foreign exchange reserves which declined last year. Mikhail Myasnikovich stressed that the government devotes a lot of attention to issues of lending to the economy. “We are going to cut down on government spending, including government programs, and limit the amount of net lending,” the Prime Minister said. Chris Jarvis noted that Belarus survived the economic crisis relatively unscathed. It was one of the few countries that have managed to avoid a decline in GDP. However, Chris Jarvis said that the main issue that the IMF focuses on is the foreign economic position of the country, including the current account deficit. “We welcome the fact that the government and National Bank attach increasing attention to the solution of problems associated with the current account deficit and the building of the gold and foreign currency reserves,” he said.

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