World Bank (2011). Reforming the fiscal sphere in order to restore sustainable economic growth. Public Expenditure Review in the Republic of Belarus, part 1.


In early 2010, the Ministry of Finance of the Republic of Belarus has asked the World Bank to provide recomendations on the possible options for fiscal reforms in priority areas of fiscal policy and their sequence. The macroeconomic environment has deteriorated significantly since the initial treatment with a request to this review. Soft fiscal and monetary policies pursued in the second half of 2010 (on the eve of the presidential election), has exacerbated already existing external imbalances and other sources of macroeconomic vulnerability.