Business news

MINSK, 5 April (BelTA) – As a result of the joint IMF-World Bank mission, which stay in Belarus will end on 21 April, the country will get recommendations on ways to improve the resilience of the financial system, the press service of the National Bank of the Republic of Belarus told BelTA.

According to the source, the IMF and World Bank experts are expected to come up with recommendations on ways to improve oversight, reduce risks, prevent the development of unfavorable situations for the sake of bolstering the resilience of the national financial system against external and internal shocks.

Arranged as part of the Financial Sector Assessment Program, the joint mission of the International Monetary Fund and the World Bank arrived in Belarus on 5 April. The experts are expected to meet with representatives of Belarusian government agencies, banks, and insurance companies. The IMF and World Bank experts will assess the stability of the financial system, the observance of international standards of oversight over operations of market participants, analyze the financial protection system, and determine the main avenues for further developing the financial sector and enhancing its effectiveness.

The IMF and the World Bank have been carrying out the Financial Stability Assessment Program since 1999. As many as 29 jurisdictions with systemically important financial sectors are required to undergo financial stability assessments under the FSAP every five years. Other G20 member states can do it voluntarily every five years. Other countries can do it voluntarily and do so every 6-7 years, as a rule. Belarus had its financial sector assessed in 2004 and 2008.

The International Monetary Fund (IMF) is an international organization headquartered in Washington, USA. It was founded on 27 December 1945. Belarus has been an IMF member since 1992.

Belarus became a World Bank member in 1992. Since then the country has borrowed $1.88 billion. Apart from that, a number of programs have received support via grants. The current investment portfolio includes nine projects for a total sum of $998 million.