IMF Ready to Consider Belarus's Request for Loan

12.05.2011 14:37
Архив Редакция

The International Monetary Fund is ready to consider an application for a loan to Belarus under the new program. This was reported by IMF Representative in Belarus, Natalia Koliadina. According to her, the government of Belarus hasn't yet applied to the IMF with a similar request.

Natalia Koliadina noted that the executive board of directors of the IMF requires that any financial arrangement, including Belarus, would be accompanied by «a firm commitment to effective economic policies, aimed at maintaining stability, as well as a bold program of structural reforms.» This is stated in the last note of the IMF’s executive board of directors upon consultations of 2011, PRIME-TASS.

As Telegraf previously reported, May 11, 2011, the National Bank lifted restrictions for banks to establish exchange rates in transactions with the public for buying and selling foreign currency. This decision was approved by the IMF, which had been urging the Belarusian authorities to devalue the ruble for months. As further steps, the IMF recommended the Belarusian leadership to fully unify rates in the cash currency market.

Meanwhile, in the near future Belarus will not be able to obtain foreign loans, which are expected by the authorities. Thus, Russian Finance Minister Alexei Kudrin states that Russia does not intend to grant Belarus $1 billion credit. Instead, said Alexei Kudrin, the Russian side is ready to allocate proportionate credit of EurAsEC Crisis Fund in 2011, as well as another $1 billion annually in 2012-2013.

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