World Bank2012-03-192012-03-192011-08-15https://hdl.handle.net/10986/2790Belarus faces significant fiscal challenges, stemming from the structural features of its economic model. As of mid-2011, under a severe exchange rate and balance of payments crisis, the Government needs to pursue a carefully sequenced strategy of macroeconomic adjustment coupled with a strong program of structural reforms. This programmatic Public Expenditure Review (PER) fiscal policy options to simultaneously tackle the need for fiscal consolidation as well as the structural challenges with significant fiscal linkages. The options for fiscal reform proposed in this report are estimated to generate average net fiscal savings of 3.9 percent of Gross Domestic product (GDP) annually over the medium term. Given the implied structural changes in the expenditure program, the fiscal impact of these reforms extends beyond the four year projection period.CC BY 3.0 IGOACCOUNTABILITY OF PUBLIC SPENDINGACCOUNTINGADMINISTRATIVE CONTROLSALLOCATIONALLOCATION OF CAPITALANNUAL COSTAUTOMATIC STABILIZERSBALANCE OF PAYMENTSBALANCE OF PAYMENTS CRISISBASELINE SCENARIOBENEFICIARIESBUDGET CONSTRAINTSBUDGET CREDIBILITYBUDGET DEFICITBUDGET DEFICITSBUDGET DOESBUDGET EXECUTIONBUDGET MANAGEMENTBUDGET POLICYBUDGET PROCESSBUDGET RESOURCESBUDGET STRUCTUREBUDGETARY EXPENDITURESCAPITAL EXPENDITURECAPITAL EXPENDITURESCAPITAL MARKETSCASH BALANCESCOMMERCIAL BANKSCOMMERCIAL ENTERPRISECOMPOSITION OF EXPENDITURESCONTINGENT LIABILITIESCORPORATE INCOME TAXCOST OF GOVERNMENTCOST RECOVERYCREDIT POLICYCURRENCY DEVALUATIONCYCLICAL POLICYDEBTDEBT SERVICEDOMESTIC DEMANDDOMESTIC MARKETECONOMIC DOWNTURNECONOMIC GROWTHECONOMIC RECOVERYEXCHANGE RATEEXCHANGE RATE GUARANTEESEXCHANGE RATESEXCHANGE RESERVESEXPENDITURE CUTSEXPENDITURE GROWTHEXPENDITURE LEVELEXPENDITURE PROGRAMEXPENDITURE PROGRAMSEXPENDITURE RATIONALIZATIONEXTERNAL BALANCEEXTERNAL DEBTEXTERNAL FINANCINGEXTERNAL IMBALANCESEXTRA BUDGETARY FUNDSFINANCE MINISTRYFINANCIAL ACCOUNTABILITYFINANCIAL CRISISFINANCIAL STATISTICSFINANCIAL SUPPORTFINANCIAL SYSTEMFISCAL ACTIVITIESFISCAL AUSTERITYFISCAL BALANCEFISCAL CONSOLIDATIONFISCAL COSTFISCAL COSTSFISCAL DEFICITFISCAL DISCIPLINEFISCAL FRAMEWORKFISCAL IMBALANCESFISCAL IMPACTFISCAL INFORMATIONFISCAL OPERATIONSFISCAL POLICIESFISCAL POLICYFISCAL POSITIONFISCAL PRESSUREFISCAL PRESSURESFISCAL REFORMFISCAL REFORMSFISCAL RETRENCHMENTFISCAL RISKSFISCAL SAVINGSFISCAL SIDEFISCAL STABILITYFISCAL STANCEFISCAL SUSTAINABILITYFISCAL TRANSPARENCYFOREIGN BORROWINGFOREIGN CURRENCYFOREIGN EXCHANGEFOREIGN LOANSGOVERNMENT BUDGETGOVERNMENT EXPENDITUREGOVERNMENT EXPENDITURESGOVERNMENT GUARANTEESGOVERNMENT REVENUESGOVERNMENT SPENDINGGROSS DOMESTIC PRODUCTGROWTH RATEINCOME DISTRIBUTIONINCOME REDISTRIBUTIONINCOME SUPPORT PROGRAMSINCOME TAXESINFLATIONINTEREST RATEINTEREST RATE SUBSIDIESINTEREST RATESLOCAL GOVERNMENT BUDGETSMACROECONOMIC ENVIRONMENTMACROECONOMIC INDICATORSMACROECONOMIC POLICIESMACROECONOMIC STABILIZATIONMARGINAL RATEMARKET PRICESMEDICAL TREATMENTMEDIUM TERM EXPENDITUREMEDIUM TERM EXPENDITURE FRAMEWORKMINISTRY OF ECONOMYMINISTRY OF FINANCEMONETARY AUTHORITIESMONETARY POLICIESMONETARY POLICYNATIONAL BANKNATIONAL STATISTICSNET LENDINGOIL PRODUCTSOLD-AGEOPERATING EXPENDITURESPAYROLL TAXPAYROLL TAXESPENSION FUNDPENSION REFORMPERFORMANCE INDEXPERSONAL INCOMEPERSONAL INCOME TAXPERSONAL INCOME TAX RATEPOVERTY REDUCTIONPRICE INDEXPRIVATE SECTORPRODUCER SUBSIDIESPROGRAM BUDGETINGPROGRAMSPUBLIC EXPENDITUREPUBLIC EXPENDITURE REVIEWPUBLIC EXPENDITURESPUBLIC FINANCEPUBLIC FINANCESPUBLIC FINANCIAL MANAGEMENTPUBLIC GOODSPUBLIC INVESTMENTPUBLIC INVESTMENT SPENDINGPUBLIC INVESTMENTSPUBLIC PROCUREMENTPUBLIC SECTORPUBLIC SERVICESPUBLIC TRANSPORTATIONREFORM AGENDAREFORM EFFORTSRESOURCE ALLOCATIONREVENUE GROWTHSALES TAXSERVICE PROVISIONSOCIAL ASSISTANCESOCIAL EXPENDITURESSOCIAL OUTCOMESSOCIAL POLICIESSOCIAL POLICYSOCIAL PROTECTIONSOCIAL SECURITYSOCIAL SECURITY CONTRIBUTIONSSOCIAL SERVICESSOCIAL WELFARESTATE BUDGETSTRATEGIC ALLOCATIONSTRUCTURAL DEFICITSTRUCTURAL REFORMSTRUCTURAL REFORMSTAX BASETAX BASESTAX BURDENTAX COLLECTIONTAX COLLECTIONSTAX CONCESSIONSTAX EXEMPTIONSTAX EXPENDITURESTAX RATETAX RATESTAX REVENUETAX REVENUESTAX SYSTEMTOTAL PUBLIC SPENDINGTOTAL SPENDINGTRANSITION ECONOMIESUNCERTAINTYWAGE EXPENDITURESWAGE INCOMEWAGE POLICYWELFARE PROGRAMSWorld Bank10.1596/2790