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World Bank Gives Belarus $10 Million To Improve Budget Practices

The World Bank has given Belarus a $10 million loan to improve its budget practices, including consolidating cash balances and improving transparency.

Young Chul Kim, the bank's country manager for Belarus, said the bank had helped Minsk develop a plan for structural reforms to improve competitiveness and long-term growth and increase prosperity in Belarus, and the budget reforms are needed to carry out that plan.

“The Belarusian government recognizes that changes are needed in the way it manages public finances and we are ready to assist the authorities in this endeavor,” Kim said on March 28. "Budget planning and execution is a key foundation for public sector reforms to improve service delivery and efficiently use public resources.”

The bank since 1992 has provided Belarus a total of $1.6 billion in loans and $28 million in grants for development of civil society organizations, among other projects.