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IMF Considering Belarus’ Application for a Loan

Monday, 29 August, the Board of Directors of the International Monetary Fund is considering the results of monitoring, held by the IMF mission in Belarus in June. As expected, the meeting will consider granting Belarus a new $3.5-8 billion loan.

As Telegraf previously reported, May 31, the government and the National Bank of Belarus applied to the International Monetary Fund for a stabilization loan. "Consultations on the relevant program of action of the Belarusian government and National Bank of Belarus will be held within the International Monetary Fund mission, that began its work in Belarus on June 1, 2011," reads the message of the authorities.

June 13, head of IMF mission in Belarus Chris Jarvis said that it’s early talking about the possible levels of support, because "we have a long way to go; further discussion of macroeconomic policy in Belarus are still ahead; it is necessary to agree on structural reforms" to ensure the efficiency of enterprises and financial system.

As stated by Belarusian economist Sergei Chaly, the government and the National Bank had to have hold the next Belarusian ruble devaluation on August 27-28, to show the IMF, that Belarus had passed to real economic reforms. Nevertheless, devaluation of the ruble was not carried out.

External source of this news: http://telegraf.by/en/2011/08/mvf-rassmatrivaet-zayavku-belarusi-na-poluchenie-kredita
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