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Belarus - Development Policy Loan Program (Inglês)

This document describes the Development Policy Loan (DPL) for $200 million that supports the Government's program aimed at addressing the social impact of the crisis, while advancing the structural reforms to foster economic recovery. The reforms supported by this operation aim at strengthening social assistance programs to function better as a cushion to protect the poorest and those vulnerable to fall into poverty due to the economic slowdown and future reforms. Moreover, this operation supports a significant structural reform agenda aimed at unlocking new sources of recovery and medium term growth, particularly through further price liberalization, reducing the costs of entry for new businesses, reducing regulatory and administrative costs of operation for the private sector, reducing subsidies, and eliminating inefficient taxes. At the same time, it supports initial steps in setting the legal and institutional basis for an adequate and transparent privatization process.


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    Europa e Ásia Central,

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    Belarus - Development Policy Loan Program

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    poverty and social impact analysis;positive real interest rates;access to external finance;short-term external debt;European Bank for Reconstruction;terms of trade improvement;analytical and advisory;medium term economic prospect;current account deficit;state-owned banks;state owned bank;energy supplies;external environment;social insurance program;value added tax;social assistance program;foreign exchange inflow;medium term growth;consumer price inflation;state owned enterprise;exchange rate;Exchange Rates;local government spending;international poverty line;front end fee;purchasing power parity;high poverty rate;middle income economy;exchange rate peg;tight monetary policy;international financial crisis;energy efficiency improvement;real wage growth;exchange rate depreciation;Governance and Accountability;Development Policy Lending;human development indicator;foreign economic policy;high growth rate;exchange rate target;loan loss provision;international economic crisis;commodity price boom;revenue sharing scheme;tight fiscal policy;exchange rate policy;private sector activity;international capital market;total external debt;foreign exchange system;Exchange rate policies;private debt financing;state enterprise sector;Social Safety Nets;commercial bank lending;Capital Adequacy Ratio;domestic demand growth;commercial bank debt;private sector entry;banking system asset;external financing;public debt;credit growth;economic recovery;international reserve;economic model;contingent liabilities;fiscal discipline;import price;banking sector;fiscal deficit;Macroeconomic Policy;contingent liability;manufacturing sector;base case;energy subsidies;percent change;energy price;budget constraint;wage restraint;residual risk;external trade;macroeconomic stabilization;export demand;high energy;fiscal revenue;program finance;international market;liberalization reform;real sector;price control;bank staff;technology adoption;loan classification;measure of support;production chain;external imbalance;trade credit;multilateral creditor;governance risk;local budget;expenditure reduction;government deposit;market principle;short-term debt;household deposit;payment gap;press release;factor market;utility tariff;state bank;government deficit;Fiscal Reform;fiscal stance;external payment;business entry;productivity growth;transmission channel;financing need;business community;net lending;investment operation;expenditure envelope;foreign reserve;executive board;tax base;marginal rate;international borrowing;trading partner;investment demand;export market;inefficient taxation;regulatory cost;market price;energy import;open economy;state support;transparent reporting;tax distortion;sustained level;regulatory procedure;banking loans;merchandise import;negative shock;inflation targeting;government plan;Energy Sector;foreign bank;investment growth;mitigation measure;gdp deflator;net credit;domestic saving;external equilibrium;risk aversion;reducing uncertainty;industrial sector;manufactured export;merchandise trade;government budget;production subsidy;government's budget;production efficiency;Labor Market;tax policy;indirect taxation;fiscal spending;export revenue;repayment date;debt outstanding;annex annex;fiscal response;external vulnerability;maturity structure;capital outflow;bank borrowing;international community;short-term borrowing;direct credit;price outlook;export commodity;risk averse;domestic investment;registered unemployment;put pressure;reduced work;economic slowdown;price liberalization;imported inputs;household income;administrative cost;building sector;global environment;external demand;export receipts;adversely impact;political relation;food product;world price;public resource;budget resource;international standard;social transfer;Public Spending;poverty headcount;fiscal program;real gdp;administrative corruption;investment lending;aids epidemic;competitive disadvantage;production target;weak demand;domestic economy;trade deficit;risk measure



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