Belarus faces significant fiscalchallenges, stemming from the structural features of itseconomic model. As of mid-2011, under a severe exchange rateand balance of payments crisis, the Government needs topursue a carefully sequenced strategy of macroeconomicadjustment coupled with a strong program of structuralreforms. This programmatic Public Expenditure Review (PER)fiscal policy options to simultaneously tackle the need forfiscal consolidation as well as the structural challengeswith significant fiscal linkages. The options for fiscalreform proposed in this report are estimated to generateaverage net fiscal savings of 3.9 percent of Gross Domesticproduct (GDP) annually over the medium term. Given theimplied structural changes in the expenditure program, thefiscal impact of these reforms extends beyond the four yearprojection period.
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