IMF recommends Belarus improve macroeconomic forecast methods

MINSK. Sept 29 (Interfax) - An International Monetary Fund mission on budget issues has recommended Belarus improve its methodology for macroeconomic and budget revenue predictions.

The IMF office in Belarus said the mission had completed its work in Minsk on September 27 in Minsk. The mission's aim was to make recommendations on continuing budget system reforms.

"The mission concluded that Belarus has attained considerable progress in reforming the budget system," the IMF office said in a press release.

The IMF noted the development of a new budget code draft, which has been submitted to parliament, praised the fact that budget classification now met with international standards and said the first steps had been made to introduce a system of budget target planning.

IMF experts also said various government finance management issues remained unresolved.

"The mission outlined various directions for preparing and implementing the budget where further technical aid from international organizations and bilateral donors could be useful. These include the methodology for macroeconomic forecasting, the methodology for predicting revenue, the introduction of potential expenditure valuations and the management of the treasury system and the budget planning system," the release said.

Belarus became an IMF member in 1992. Cooperation with the IMF is currently limited to technical aid from the fund.