BELARUS: COUNTRY ASSISTANCE STRATEGY
CHAIRMAN'S CONCLUDING REMARKS
Meeting of Executive Directors
March 14, 20022
The Executive Directors welcomed the joint IBRD/IFC Country Assistance Strategy for
Belarus and commended the consultative process that informed its preparation.
Directors noted that Belarus has achieved good progress in GDP growth and introduced
some changes in economic policies. However, they expressed concern about the sustainability of
such growth in the absence of sufficient structural reforms that are needed, and therefore urged
the authorities to accelerate reform efforts and foster a more conducive environment to promote
development of the private sector.
Directors agreed on the need to continue to challenge Belarus while being supportive.
Several Directors questioned the appropriateness and clarity of some of the suggested triggers,
but Directors broadly supported the Bank strategy and assistance programs, and agreed that the
proposed Bank engagement was appropriate in light of the country situation. Directors also
endorsed the initial focus of support on global public goods and the most disadvantaged groups
of the population. They broadly noted the proposed period of one year for Belarus to build a
performance track record. Directors stressed that the expansion of Bank activitie.3 to a base case
scenario should be based on demonstrated efforts to improve the business environment, enhance
fiscal transparency and maintain a sound macroeconomic environment. The need to address the
issue of reliability of macroeconomic data was highlighted. Enhanced support -For SMEs, the
financial, agricultural and education sectors was also encouraged.  There wvas the broad
consensus on the importance of country ownership and demonstrated performance and track
record in considering the appropriateness of expanding the Bank program beyond the current low
case, with timely information to the Board on the rationale for the management's decision.
Directors, however, commended the programming of extensive non-lending services in Belarus,
including essential ESW.
Directors expressed support for EFC's donor-funded technical assistance activities in
Belarus, and urged it to continue its effort to improve the environment for private sector
development.
Finally, Directors stressed the importance of continued close coordination with the
country's other development partners, including the EBRD.