Conditional financing terms: IMF VS EFSD

“Official agency has implemented a number of important measures and reforms, but there are still much to be done”. In this way the International Monetary Fund, the mission of which arrived to Minsk on September 19, characterized the progress of Belarusian economy transformation. Whereas Belarus is in a sharp need of debt refinancing, the role of international financing organizations in formation of a program of Belarusian economic authorities’ actions is going to be higher than in a period of implementation of previous programs. It forces to take an intent look at problems which were diagnosed by international financing organizations which provides a large-scale support to reform programs. And it also forces to consider possible conditions which were put forward and will be put forward to Belarus.

The different look of international financing organizations at main reasons of Belarusian economy vulnerability determines distinctions in estimation of necessary measures of economic policy. In comments there is a short comparison of the EFSD program and the IMF mission’s conclusions by the following criteria: diagnosed problems of Belarusian economy, necessary measures in the field of macroeconomic policy and in the field of structural reforms.