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KEY ISSUES Context: Attempts to boost activity with policy stimulus, in lieu of much-needed structural reform, have failed to raise growth and contributed to large external imbalances. Adverse developments in the region further cloud the outlook. High financing needs and low buffers leave Belarus highly dependent on external financial support. The risk of disorderly adjustment remains high. Challenges: Mitigating immediate risks and facilitating external adjustment through a sharp change in macroeconomic policies. Advancing the transition to a market-based economy to raise sustainable growth. Policy recommendations: • Halt wage increases and reduce subsidized lending to slow demand growth; • Reduce foreign exchange interventions and tighten monetary policy to facilitate external adjustment; • Enhance market orientation of the economy through a rapid phase-out of price controls and mandatory targets and by privatization of state-owned enterprises.

Investments, Foreign --- Capital exports --- Capital imports --- FDI (Foreign direct investment) --- Foreign direct investment --- Foreign investment --- Foreign investments --- International investment --- Offshore investments --- Outward investments --- Capital movements --- Investments --- Belarus --- Republic of Belarus --- Rėspublika Belarusʹ --- Republic of Byelarusʹ --- Respublika Byelarusʹ --- Byelarus --- République de Bélarus --- República de Belarús --- Republik Belarus --- Weissrussland --- White Russia --- Belorussia --- Belorus --- Biélorussie --- Bielorussia --- Białoruś --- Беларусь --- Рэспубліка Беларусь --- Республика Беларусь --- ベラルーシ --- Berarūshi --- Byelorussian S.S.R. --- Commercial policy. --- Economic policy. --- Exports and Imports --- Foreign Exchange --- Money and Monetary Policy --- Public Finance --- Industries: Financial Services --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Debt --- Debt Management --- Sovereign Debt --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Currency --- Foreign exchange --- Public finance & taxation --- International economics --- Finance --- Monetary economics --- External debt --- Public debt --- Loans --- Directed credit --- Financial institutions --- Money --- Debts, External --- Debts, Public --- Credit --- Belarus, Republic of