Belarus DPL

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This document describes the Development Policy Loan (DPL) for $200 million that supports the Government's program aimed at addressing the social impact of the crisis, while advancing the structural reforms to foster economic recovery. The reforms supported by this operation aim at strengthening social assistance programs to function better as a cushion to protect the poorest and those vulnerable to fall into poverty due to the economic slowdown and future reforms. Moreover, this operation supports a significant structural reform agenda aimed at unlocking new sources of recovery and medium term growth, particularly through further price liberalization, reducing the costs of entry for new businesses, reducing regulatory and administrative costs of operation for the private sector, reducing subsidies, and eliminating inefficient taxes. At the same time, it supports initial steps in setting the legal and institutional basis for an adequate and transparent privatization process.