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IMF Mission Head: State Of Belarusian Economy Raises Concerns

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IMF Mission Head: State Of Belarusian Economy Raises Concerns

The main risks are associated with the growth of public debt and dependence on the Russian Federation.

Jacques Miniane, the head of the IMF mission in Belarus, told during his speech at KEF-2018 that there were quite a number of economic risks in Belarus, pronalogi.by reports.

“We are paid for being concerned – if we are not concerned, it means that we are not working well,” – Jacques Miniane noted. In particular, the representative of the Fund noted that the narrowly focused Belarusian exports were of particular concern. Thus, 60% of Belarusian exports are focused on the markets of only three countries, one of which is Russia, to which about 45% of all Belarusian exports go.

In addition, Russian subsidies still account for about 10% of the total Belarusian GDP, which is too high.

The head of the IMF mission also recalled that when subsidies reached 17% of GDP, its growth was about 7%. “Subsidies fell, the growth rate fell. This suggests that the connection is significant,” – he said.

Besides, the head of the IMF mission noted that the ensuring of public debt is a high burden on the country's budget which, together with the need to build up gold and foreign exchange reserves is also the key problem of the Belarusian economy.

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